Rivian Automotive Inc. (RIVN) received a vote of confidence from TD Cowen, which upgraded the electric vehicle maker’s stock to a ‘Buy’ rating from ‘Hold’ while lifting its price target.
The revised outlook comes as the firm evaluated potential demand for Rivian’s upcoming R2 vehicle platform, which could significantly expand the company’s market reach.
TD Cowen raised its price target on Rivian shares to $20 from $17, according to TheFly.
Following the upgrade, Rivian Automotive stock traded over 4% higher in Tuesday’s premarket.
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