This Tesla rival has a 100% upside from here: Truist

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Rivian Automotive Inc (NASDAQ: RIVN) is currently trading at less than half the price at which it debuted last year. But a Truist Securities’ analyst says the stock is now ready for a big move up.

Rivian shares have upside to $65

Jordan Levy initiated the electric vehicles company with a “buy” rating on Thursday. His price target of $65 represents about a 100% upside from here.

Rivian Automotive, the analyst wrote, enjoys a competitive advantage on a partnership with Amazon.com Inc. He added:

As Rivian pushes through the formidable challenges of ramping four different vehicles amidst a historically difficult supply chain backdrop, market will come to see Rivian as a leading example of next-gen diversified mobility tech powerhouse.

Confidence in the management team was among other reasons why Levy is bullish on Rivian shares.

What else is attractive about Rivian?

Last month, Rivian reported market-beating results for its fiscal second quarter (read more). The EV maker is expected to see roughly $2.0 billion in sales this year on $7.0 billion of loss.

The Nasdaq-listed firm has raised enough capital and its vertically-integrated ecosystem also contributed to Levy’s constructive view on the Rivian shares.

Earlier this week, Rivian was reported to have been certified for selling its electric vehicles in Canada. It recently partnered with Mercedes as well to produce electric vans.

This stock is all the more attractive considering it’s currently down nearly 75% for the year. Rivian’s new plant in Georgia is expected to start producing in 2024.

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