Will Volkswagen News Drive Rivian Stock to $20? 1 Wall Street Analyst Thinks So.
Rivian Automotive (NASDAQ: RIVN) investors got some great news on Tuesday. Rivian and (OTC: VWAGY) announced they will form a joint venture (JV) that will marry Rivian technology to Volkswagen cash -- as much as $5 billion that Rivian can use to keep operating as it completes development of its widely anticipated R2 electric SUV and R3 electric car.
Wall Street is applauding the JV. And on Wednesday, one analyst -- Cantor Fitzgerald -- raised its price target on Rivian stock to $20 a share. That implies a 36% price jump over the next 12 months.
But is the news as good as all that?
Source Fool.com
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