Why Rivian Stock Bounced Back on Tuesday [Yahoo! Finance]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance
After falling for four straight days -- including a sharp drop yesterday on news the electric-car market has gotten so bad that Tesla (NASDAQ: TSLA) must lay off 10% of its workers -- shares of Rivian jumped 4.3% through noon ET today. One bank says Rivian is no longer a sell Up until yesterday, investment bank UBS had Rivian stock pegged for a sell rating and a $9 price target. Today, UBS still thinks it's worth only $9 a share, a far cry from the $130-plus the stock fetched back around its initial public offering. But the bank no longer thinks it's a sell. Last night, UBS upgraded Rivian to neutral as the stock approaches its price target. "The stock price now better considers some of our midterm concerns," the bank said. UBS now believes $9 is the right price if Rivian does only $4.5 billion in sales next year. If the electric-vehicle (EV) company can reach $5.1 billion in sales (as the bank predicts), the stock might actually go up. And any money from pre-orders for its up
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