The stock of Rivian Automotive (NASDAQ: RIVN) surged this morning, shooting as high as 8.1% at 10:24 a.m. ET before giving up some gains and trading up 3.8% as of 11:33 a.m. Monday.
Rivian received an analyst downgrade today. You'd have expected the electric vehicle (EV) stock to fall, but that's not the case.
Exane BNP Paribas initiated coverage of Rivian stock, but gave it an underperform rating with a price target of $35 a share. That's nearly 10% lower from Rivian stock's Friday closing price, but the market still drove the stock higher today.
Source Fool.com