Rivian stock hit a milestone today.
"Rivian Automotive stock hit another milestone on Wednesday. It received its first big price-target cut from a Wall Street analyst. Lower targets can hurt stocks, but Rivian shares are rising anyway because investors are focused on something else.

Wednesday, J.P. Morgan analyst Ryan Brinkman cut his target price for Rivian’s struggling stock (ticker: RIVN) to $84 from $104, noting a slide in shares of other high-growth companies. Brinkman continues to rate the electric-vehicle maker at the equivalent of Hold.

Rivian shares are up regardless of the cut, with a gain of about 8.5% to $64.70. The S&P 500 and Dow Jones Industrial Average rose about 1.4% and 0.8%, respectively."