Rivian Automotive is called an EV winner by Canaccord Genuity (NASDAQ:RIVN)

Canaccord Genuity launched coverage on Rivian Automotive (NASDAQ:RIVN) with a Get rating and solid protection of the upside for the inventory.

Analyst George Gianarikas and team consider the electric powered automobile maker has a reliable foundation to establish into a primary brand in the challenged sector.

“Rivian has the elements to produce into a leader in the EV and mobility market. The corporation has amassed potent expertise, a sturdy balance sheet, a durable Amazon partnership, and the proper vertically integrated technique. After some increasing pains considering that its IPO in late 2021, management must now execute. We are confident it will.”

Though the partnership with Amazon (AMZN) is noted to have offered Rivian Automotive (RIVN) with money and an first get, the strategic advantage to RIVN of rapid scale by way of which it can achieve several value, producing, and design positive aspects may possibly be even better.

Canaccord Genuity assigned a selling price focus on of $61 to Rivian Automotive (RIVN) to rep much more than 100% from yesterday’s closing rate. In the put up-IPO giddy investing last fall, Rivian swapped palms at about $179 for each share.

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