Stock Market Today, Dec. 18: Rivian Automotive Surges To 52-Week High After Analyst Upgrade and Higher Price Target

Core Insights - Rivian Automotive's stock closed at $20.28, reflecting a 15.03% increase, despite a 75% decline since its IPO in 2021 [1] - The trading volume reached 66.4 million shares, which is 36% higher than the three-month average of 49 million shares [1] - The stock surge followed an upgrade from Robert W. Baird, which set a new price target that suggests a 25% upside from the current closing price [3] Company Developments - Rivian is preparing to launch its R2 SUV, which is expected to enhance sales and brand recognition [3] - The company presented a roadmap for producing a fully autonomous vehicle, showcasing an in-house AI chip that could drive demand and create a new revenue stream [4] Market Context - The S&P 500 increased by 0.79% and the Nasdaq Composite rose by 1.38%, with Tesla and Ford also experiencing stock price increases [2]