Needham Just Raised Its Price Target on Rivian (RIVN) Stock

Rivian (NASDAQ:RIVN) stock should trade at $20, according to Needham analyst Chris Pierce. The analyst raised his price target from$13 while reiterating a “buy” rating after Rivian’s 2024 Investor Day event yesterday.During the event, Rivian reiterated its 2024 production guidance for 57,000 vehicles and the fact that it expects a positive gross profit per vehicle during the fourth quarter through cost reductions. Rivian produced 57,232 vehicles last year.Additionally, Rivian guided for Q2 production of be ...