Selected stock price target news of the day - October 02, 2023
By: Matthew Otto
Rivian Accelerates Production Amidst EV Market Shifts
Rivian Automotive has accelerated its production output to meet an increasing demand for electric vehicles (EVs). The California-based startup reported third-quarter deliveries exceeding analysts’ expectations, delivering 15,564 vehicles, a 23% increase from the second quarter. Rivian, recognized for its R1T pickup trucks and R1S SUVs, anticipates producing a total of 52,000 vehicles in 2023, having adjusted its target upwards in August due to eased supply-chain bottlenecks. This achievement is noteworthy, particularly in the context of concerns over softening EV demand in the U.S. attributed to higher borrowing costs, leading competitors like Tesla to implement price cuts and discounts. Despite a broader market trend that has seen average EV retail prices decline to $53,376 in July 2023.
Rivian Receives Bullish Upgrade From Analyst
- Evercore ISI Group analyst Chris McNally upgraded from In-Line to Outperform, setting a price target of $35.
Which Analyst has the best track record to show on RIVN?
Analyst Mark Delaney (GOLDMAN SACHS) currently has the highest performing score on RIVN with 6/8 (75%) price target fulfillment ratio. His price targets carry an average of $-5.42 (-1.92%) potential downside. Rivian Automotive stock price reaches these price targets on average within 28 days.
Tesla’s Q3 2023: Deliveries Dip Amidst Planned Upgrades
In the third quarter of 2023, Tesla reported a total of 435,059 vehicle deliveries and 430,488 in production. These figures marked a slight decline from the previous quarter, with Tesla attributing the decrease to planned downtimes for factory upgrades as discussed in their recent earnings call. Despite the dip in production, the company remains steadfast in its 2023 volume target of around 1.8 million vehicles. Elon Musk, Tesla’s CEO, had anticipated a temporary decline in production for the third quarter due to planned summer shutdowns for factory upgrades, and this seems to align with the reported figures.
Wall Street’s expectations were slightly higher, with analysts anticipating around 461,640 deliveries for the same period. Tesla, known for its innovative approach, also revealed a revamped version of its popular Model 3 sedan, named the “Highland,” featuring new exterior and interior features. The company’s move to slash prices during the third quarter on existing models put pressure on competitors to adjust their pricing strategies.
Analysts Reiterate Positive Outlook and Optimistic Price Targets
- Piper Sandler analyst Alexander Potter Reiterated an Overweight rating and a $300 price target.
- Canaccord analyst George Gianarikas Maintained a Buy rating and a $293 price target.
Which Analyst has the best track record to show on TSLA?
Analyst George Galliers (GOLDMAN) currently has the highest performing score on TSLA with 7/8 (87.5%) price target fulfillment ratio. His price targets carry an average of $-4.27 (-4.03%) potential downside. Tesla stock price reaches these price targets on average within 81 days.
Daily stock Analysts Top Price Moves Snapshot