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) $ 98,320.34 0.28%
ethereum
Ethereum (ETH) $ 3,419.43 2.26%
tether
Tether (USDT) $ 1.00 0.01%
solana
Solana (SOL) $ 255.99 1.26%
bnb
BNB (BNB) $ 668.22 1.65%
xrp
XRP (XRP) $ 1.47 5.39%
dogecoin
Dogecoin (DOGE) $ 0.436837 4.92%
usd-coin
USDC (USDC) $ 0.999883 0.04%
cardano
Cardano (ADA) $ 1.07 2.21%
staked-ether
Lido Staked Ether (STETH) $ 3,419.56 2.26%
tron
TRON (TRX) $ 0.216012 3.12%
avalanche-2
Avalanche (AVAX) $ 42.25 2.19%
stellar
Stellar (XLM) $ 0.578635 33.47%
the-open-network
Toncoin (TON) $ 6.43 14.82%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.19%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,053.90 2.38%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,892.23 0.53%
polkadot
Polkadot (DOT) $ 9.01 19.41%
chainlink
Chainlink (LINK) $ 17.71 4.70%
bitcoin-cash
Bitcoin Cash (BCH) $ 512.74 3.84%
weth
WETH (WETH) $ 3,422.30 2.31%
sui
Sui (SUI) $ 3.46 4.64%
pepe
Pepe (PEPE) $ 0.000021 2.82%
near
NEAR Protocol (NEAR) $ 6.67 6.21%
leo-token
LEO Token (LEO) $ 8.67 1.32%
litecoin
Litecoin (LTC) $ 101.82 0.28%
aptos
Aptos (APT) $ 12.90 2.19%
uniswap
Uniswap (UNI) $ 11.06 5.64%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,600.48 2.31%
hedera-hashgraph
Hedera (HBAR) $ 0.151392 0.71%
internet-computer
Internet Computer (ICP) $ 11.61 5.49%
crypto-com-chain
Cronos (CRO) $ 0.198099 3.32%
usds
USDS (USDS) $ 1.00 0.36%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.579692 7.60%
ethereum-classic
Ethereum Classic (ETC) $ 30.21 3.16%
render-token
Render (RENDER) $ 7.97 1.16%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 14.90%
bittensor
Bittensor (TAO) $ 539.70 1.96%
kaspa
Kaspa (KAS) $ 0.154589 2.73%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
arbitrum
Arbitrum (ARB) $ 0.880492 6.41%
whitebit
WhiteBIT Coin (WBT) $ 24.73 0.49%
bonk
Bonk (BONK) $ 0.000047 5.02%
filecoin
Filecoin (FIL) $ 5.90 15.19%
cosmos
Cosmos Hub (ATOM) $ 9.04 13.93%
vechain
VeChain (VET) $ 0.043378 0.62%
dai
Dai (DAI) $ 0.999841 0.07%
mantra-dao
MANTRA (OM) $ 3.78 0.43%
dogwifcoin
dogwifhat (WIF) $ 3.29 2.77%
okb
OKB (OKB) $ 54.13 9.88%