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Why Rivian Stock Bounced Back on Thursday

·2 min read
Why Rivian Stock Bounced Back on Thursday
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No sooner had the news broke that electric truck start-up Rivian Automotive (NASDAQ: RIVN) has suffered another fire at its Illinois factory, than the second shoe dropped: Investment bank D.A. Davidson just started coverage of Rivian stock with an underperform rating and a $24 price target that implies it could fall as much as 24%. In announcing its reasoning for not rating Rivian a buy, Davidson explained that "there have been bumps in the road" (like a fire!) as Rivian gets its operations ramped up. For this reason, the analyst hesitates to recommend buying Rivian until all the kinks have been worked out.