.Friday, July 18, 2024 4:45:00 PM

Wells Fargo analysts raised their price target on Rivian Automotive (NASDAQ:RIVN) to $18 from $10, with an Equal Weight rating. Revised Q2 adjusted EBITDA estimate is -$757 million, beating consensus of -$859 million, due to better delivery results. However, analysts are cautious about Rivian meeting fiscal 2024 guidance of $2.7 billion EBITDA, citing material cost savings and fixed cost leverage concerns. Despite worries, analysts adjusted estimates based on delivery numbers, liquidity, and potential savings from Volkswagen joint venture. Higher price target reflects improved liquidity and cost management actions.