Many of Wall Street's biggest banks predict Rivian can still become Tesla's next big competitor:
A host of Wall Street’s biggest banks remain bullish on electric vehicle maker Rivian, predicting that the company can still become Tesla’s next big competitor, despite the stock’s massive run up since its blockbuster IPO in early November.A handful of major firms initiated coverage of Rivian on Monday, with several forecasting that the electric vehicle maker could in fact be the real deal and eventually compete with billionaire Elon Musk’s Tesla.
The firm argues Rivian has an advantage in an “unaddressed” area of the market with its electric delivery vans, setting a price target of $147 for the stock, implying around 35% upside from Rivian’s current price.
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