Shares of EV maker Rivian Automotive (NASDAQ: RIVN) popped more than 5% at the start of this week's trading after an analyst released an upbeat note about the company. As of 11:56 a.m. ET Tuesday, Rivian shares were trading up by 3.9% for the session.
The shares initially jumped after Mizuho Americas analyst Vijay Rakesh revealed that he had come away from a conference call with Rivian CFO Claire McDonough with a bullish outlook on the company. Rakesh reiterated his firm's buy rating on Rivian and set a price target on it of $80 per share, as reported by TheFly.com. That would be a gain of nearly 160% from Friday's closing price.
Amazon has ordered up to 100,000 Rivian electric delivery vans. Image source: Rivian Automotive.
Source Fool.com