at num Marian Capital we bring you the latest stock news each day please like And subscribe so we can bring these articles to you each day thank you today October 27th 2023 caner Fitzgerald is pounding the table on rivan Experts believe a turnaround is likely for this EV player rivan stock is rising today on an upgrade from caner Fitzgerald this suggests that some higher priced electric vehicle produc producers May rebound soon that potential Trend doesn't apply to the entire field however as Tesla recently reminded investors according to one Wall Street firm rivan NASDAQ R ivn may be a stock to buy for the 2024 electric vehicle race known for producing electric trucks and SUVs this company is still recovering from a difficult month still even though demand for expensive EVS has been struggling lately caner Fitzgerald sees rivan as having significant growth potential The Firm recently upgraded its rating on rivan stock and reiterated a bullish price Target shares of rivan have been rising since this news broke but there's an important takeaway from this development that investors shouldn't ignore the market for higher priced EVS isn't dead yet in fact it may Rebound in the coming year does this mean that all EV producers will see a surge in 2024 as market conditions shift back in their favor not necessarily let's take a closer look what's happening with rivan stock even with the recent upgrade rivan stock has been fairly volatile since markets opened Shares are currently up half a percent for the day after a difficult month rivan stock could certainly use the momentum too as caner Fitzgerald sees it a turnaround is likely imminent for the EV producer and that could have broader implications for the EV sector as a whole caner upgraded rivan stock from a neutral rating to an overweight rating and maintained its bullish price target of $29 per share that represents upside potential of almost over 80% from current prices the firms sited rivan's partnership with Amazon is a key aspect of its optimistic take noting that this could potentially take rivan stock even higher if the company is able to deliver 70,000 edvs this would result in further upside that we currently do not include in our model and we believe that it could potentially reach up to $7.4 billion in Revenue through 2032e caner Fitzgerald analyst stated in a note to investors rivan remains generally popular among Wall Street firms out of 21 analysts tracked on tip ranks 13 currently maintained by ratings on the stock while only one calls the stock a sell in just this month several other firms have reiterated their bullish stances on rivan stock as well for example analyst Chris pi of NM reportedly flagged rivan as an undervalued opportunity with attractive risk reward potential rivan versus competitors investor Place contributor Larry rer has issued a similar take on rivan stock noting that the declining Brand Power of Tesla May create a key opportunity for rivan this point should highlight something important for investors while rivian is well positioned to continue making progress in 2024 not all luxury EV stocks are created equal banding market share is often a zeros some game and rivan success will likely come at the expense of other automakers thankfully for rivan Tesla is struggling lately after disappointing third quarter deliveries and its future looks highly uncertain as analysts turn against Tesla the fact that Wall Street is still bullish on rivan stock however should reassure investors that shares can turn around in the new year thanks for watching
