Canaccord Genuity analyst George Gianarikas maintained a Buy rating on Rivian Automotive yesterday and set a price target of $21.00.
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George Gianarikas has given his Buy rating due to a combination of factors that highlight Rivian Automotive’s potential for significant growth. A key element in this outlook is the company’s R2 platform, which is expected to be a major driver of growth by 2026. The recent Autonomy & AI Day showcased Rivian’s advancements in autonomous driving features, positioning the company well for future developments in this area.
Another critical factor in Gianarikas’s positive assessment is Rivian’s commitment to vertical integration, exemplified by the introduction of the RAP1, a custom in-house semiconductor. This strategic approach allows Rivian to differentiate itself in the competitive EV market, which is often filled with less cohesive designs. Additionally, Rivian’s decision to incorporate LiDAR technology into its autonomous vehicles marks a strategic divergence from competitors like Tesla, potentially enhancing safety and accelerating progress towards a robotaxi program.
According to TipRanks, Gianarikas is a 4-star analyst with an average return of 11.2% and a 42.86% success rate. Gianarikas covers the Industrials sector, focusing on stocks such as Generac Holdings, Plug Power, and Enovix.
In another report released on December 12, Needham also reiterated a Buy rating on the stock with a $23.00 price target.