Rivian Automotive (RIVN) shot up 6% on Tuesday after Wall Street analysts made an upbeat call on the electric vehicle maker. Baird named Rivian a “bullish Fresh Pick,” expecting third-quarter deliveries to beat estimates, citing improving margins at the company and stronger underlying demand for its products. The research firm emphasized its outperform (buy) rating on the stock and its $30-per-share price target, a 42% premium to Monday’s close at roughly $21 apiece.
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CNBC’s Jim Cramer said Tuesday to watch the stock after the bullish comments from the Street. “This is just one unbelievably positive note,” the “Mad Money” host said. “If you’re looking for an [EV name] that’s doing well, let’s point to Rivian.” The CNBC Investing Club does not hold Rivian in its portfolio but does own Ford Motor (F), which has been trying to grow its own EV business.
Here’s a full list of the stocks in Jim’s Charitable Trust, the portfolio used by the CNBC Investing Club.