Jefferies Upgrades Rivian to Buy Following Better-Than-Expected Q3 Earnings
Jefferies has upgraded Rivian (RIVN) from hold to buy, citing a favorable entry point following a recent 32% stock correction. The upgrade comes after the electric vehicle manufacturer reported third-quarter results that outperformed Wall Street expectations, posting a loss of $0.48 per share against an estimated $0.64 loss and revenue of $2.16 billion, surpassing the projected $2.0 billion. Analyst Philippe Houchois highlighted Rivian's progress in achieving positive automotive gross margins, which reached 8% for the quarter. The firm also noted strong demand for the R2 mid-size SUV and raised the full-year delivery outlook to between 67,000 and 70,000 vehicles. Looking ahead, Jefferies sees significant upside in Rivian's software capabilities, specifically regarding autonomous driving technology and potential licensing opportunities.
Topics: analyst upgrade earnings report electric vehicles gross margin improvement revenue beat
Part of the story Jefferies Upgrades Chemed to Buy with Higher Price Target Following Earnings Beat (4 articles)