Rivian gets a ‘very encouraging recognition’ from MotorTrend
Rivian Automotive Inc (NASDAQ: RIVN) jumped more than 4.0% in the stock market this morning after MotorTrend named the R1T its 2022 truck of the year.
Rivian beats competitors in all six categories
Rivian’s R1T is the first mass-produced all-electric pickup truck in the United States. According to MotorTrend, it found the R1T superior to competitors, including the GMC Hummer EV, Ford Maverick, and Hyundai Santa Cruz, based on performance, engineering excellence, design, value, safety and efficiency.
Rivian re-examined what a modern pickup could be, and the result is the most remarkable truck MotorTrend has ever driven, making it arguably the worthiest recipient of the Golden Calipers in recent history.
Last month, MotorTrend named Lucid Air its “Car of the Year”, but the award couldn’t do much for the stock. What it does this time for Rivian will be evident in the coming days. The California-based company is set to launch its all-electric SUV early next year.
Deutsche’s Rosner is bullish on Rivian
Deutsche Bank’s Emmanuel Rosner agrees the “very encouraging recognition” from MotorTrend on top of Rivian’s partnership with Amazon could suggest strong consumer and commercial prospects for the company in the coming years.
Defending his “buy” call on the stock with a price target of $130 on CNBC’s “Power Lunch”, he said:
Our valuation is based on 4.5 times 2025 revenues of about $30 billion. Tesla is at the high-end at about 9 times and Neo at the low-end at about 2 times. Rivian is in the middle because it doesn’t have Tesla’s technology but has an incredibly strong partnership with Amazon that could make it a leader in the last mile delivery.
Based on execution and sales, he said, the stock could go even higher to about $150 a share. Even more bullish on RIVN is BofA Securities that sees upside to $170.
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