Stock Market News

Canaccord Genuity Believes Rivian’s 25K Production Goal ‘Achievable’; Reiterates Buy

2022.10.04 11:27



© Reuters Canaccord Genuity Believes Rivian’s (RIVN) 25K Production Goal ‘Achievable’; Reiterates Buy

By Michael Elkins

Canaccord Genuity reiterated a Buy rating and $61.00 price target on electric vehicle maker, Rivian Automotive Inc (NASDAQ:) following the release of the company’s 3Q sales and production numbers.

The company produced and delivered its highest quarterly vehicles to date with total deliveries growing, 47% to 6,584 units in the quarter, compared to 4,467 units delivered during 2Q22, while total production grew to 7,363 units, a 67% increase. Importantly, management also reaffirmed its annual production guidance of 25k vehicles.

Analysts there estimate that Rivian will need to maintain an ~822 vehicles/week production rate during 4Q22 to reach its 2022 operating goal and believe that this is “achievable”.

Canaccord Genuity estimates total deliveries for 4Q22 to be 9,400 units, with FY22 deliveries of 21,678 units or 88% of total production.

Analysts wrote in a note, “We are encouraged by Rivian’s on-track production and delivery results, particularly after some operational missteps earlier this year. However, with recent concerns around overall auto/EV demand, we expect to discern more about the overall health of Rivian’s consumer demand from the order rates it will report in its full earnings release. Last quarter, the company reported R1 preorders in the US and Canada of 98K as of June 30 – which we estimate translated into ~192 orders/day with ASPs above the $90K range. We estimate this was an acceleration from ~145 orders/day for the previous reported period.”

Shares of RIVN are up 10.22% in mid-day trading on Tuesday.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,248.43 1.90%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,918.28 3.46%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 200.28 6.47%
bnb
BNB (BNB) $ 600.41 0.75%
usd-coin
USDC (USDC) $ 0.999914 0.02%
xrp
XRP (XRP) $ 0.551065 0.92%
dogecoin
Dogecoin (DOGE) $ 0.199987 4.49%
staked-ether
Lido Staked Ether (STETH) $ 2,923.21 3.76%
cardano
Cardano (ADA) $ 0.43005 16.69%
tron
TRON (TRX) $ 0.160971 0.10%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,458.88 3.67%
the-open-network
Toncoin (TON) $ 4.88 1.16%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.83%
avalanche-2
Avalanche (AVAX) $ 27.64 2.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,229.42 1.90%
weth
WETH (WETH) $ 2,918.59 3.45%
chainlink
Chainlink (LINK) $ 12.84 4.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 372.06 0.56%
sui
Sui (SUI) $ 2.30 2.62%
polkadot
Polkadot (DOT) $ 4.33 6.12%
leo-token
LEO Token (LEO) $ 6.35 3.21%
usds
USDS (USDS) $ 1.00 0.16%
litecoin
Litecoin (LTC) $ 71.32 1.01%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,070.05 3.47%
uniswap
Uniswap (UNI) $ 8.75 1.93%
near
NEAR Protocol (NEAR) $ 4.20 1.43%
aptos
Aptos (APT) $ 9.72 1.72%
pepe
Pepe (PEPE) $ 0.000011 6.24%
bittensor
Bittensor (TAO) $ 503.43 1.45%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 1.86%
internet-computer
Internet Computer (ICP) $ 7.73 1.31%
dai
Dai (DAI) $ 1.00 0.10%
stellar
Stellar (XLM) $ 0.101732 4.02%
monero
Monero (XMR) $ 165.10 1.45%
ethereum-classic
Ethereum Classic (ETC) $ 20.22 0.71%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.11%
kaspa
Kaspa (KAS) $ 0.113497 4.31%
crypto-com-chain
Cronos (CRO) $ 0.104259 20.76%
whitebit
WhiteBIT Coin (WBT) $ 19.60 1.84%
aave
Aave (AAVE) $ 181.08 0.29%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.347445 2.75%
blockstack
Stacks (STX) $ 1.66 1.28%
okb
OKB (OKB) $ 40.17 0.73%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.18%
dogwifcoin
dogwifhat (WIF) $ 2.34 0.08%
arbitrum
Arbitrum (ARB) $ 0.573514 1.16%
filecoin
Filecoin (FIL) $ 3.72 0.04%
mantle
Mantle (MNT) $ 0.659737 3.82%