Shares of Rivian Automotive (NASDAQ: RIVN) jumped today after one Wall Street analyst began coverage and reinforced some positive projections from the electric vehicle (EV) maker. Rivian's management has previously said it expects to achieve positive gross profit in the fourth quarter.

Investors reacted to the new analyst coverage positively. Rivian shares were popping higher by 7.3% as of 2 p.m. ET.

The company is holding its 2024 Investor Day later this week. Ahead of that meeting, Guggenheim analyst Ronald Jewsikow initiated coverage on Rivian with a buy rating and an $18 price target. That would represent a gain of 63% from Monday's closing share price.

Continue reading

Source Fool.com