Analyst Sees 45% Upside for EV Stock

Jefferies initiated bullish coverage on electric vehicle (EV) giant Rivian Automotive Inc (NASDAQ:RIVN) with a "buy" rating and a $16 price target -- a more than 45% upside to last night's close. Catalysts included the EV firm's similarities to competitor Tesla (TSLA), as well as the company's capital spending trajectory, which could address gaps in its business model. In response, RIVN is 4.9% higher before the opening bell, looking to open above the $11.50 level that has acted as pressure since a mid-Febr ...