Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Rivian Automotive Inc.’s RIVN, +4.26% stock was up 2.6% in early trading on Tuesday after UBS upgraded the electric-vehicle maker to buy from neutral, while trimming its price target by $2 to $24 a share. UBS analyst Joseph Spak said the road ahead for the EV company looks brighter after a 20% drop in the stock since Oct. 4 and its issuance of a $1.5 billion green convertible note.
“With the raise out of the way, the market can refocus on improving fundamentals,” Spak said. “While we continue to believe 2024 quarterly production/deliveries can be lumpy owing to plant re-rating, the lower stock price de-risks some of our concerns.” The EV company also appears to be burning through cash at a slower rate. “We still believe positive gross margin in 4Q24 is likely and a catalyst,” he said. “The road ahead looks brighter.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Oppenheimer cuts ratings on Apollo and Blue Owl but says other alternative investment firms remain undervaluedSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Consulte Mais informação »
Israeli sensor maker Innoviz Tech says its team is safeSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Consulte Mais informação »
EHang voluntarily suspends trading on stock pending ‘very significant development’Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Consulte Mais informação »
JPMorgan's Jamie Dimon says bank employees safe over the weekend; bank stocks fall on heels of Israel-Hamas warSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Consulte Mais informação »
Truist Financial stock up on report of $10B unit sale to Stone PointSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Consulte Mais informação »
UBS upgrades Rivian, says there's a buying opportunity after recent sell-offThe firm upgraded shares of the electric vehicle manufacturer to buy rating from neutral.
Consulte Mais informação »