Rivian Shares Rise Following UBS Upgrade and Strong Q3 Growth
Rivian Automotive (RIVN) shares rose over 8% on Monday after investment bank UBS upgraded the stock to a 'buy.' The positive momentum follows strong third-quarter results, highlighted by a 38% year-over-year revenue increase to nearly $2.2 billion and a 46% jump in vehicle deliveries, totaling 19,248 units. Growth is being driven significantly by the new midsize SUV, the Rivian R2, which has received positive market feedback. Analysts expect the upcoming ramp-up in R2 sales to improve profit margins and accelerate the company's path toward profitability. Additionally, Rivian's software and services segment showed robust growth, with revenue increasing 45% to $605 million.
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