An RBC analyst is projecting that Rivian stock will hit $100 a share.
Rivian (RIVN) Stock: $100 Price Target And Outperform Rating
  • The shares of Rivian (NASDAQ: RIVN) have received a $100 price target from RBC. These are the details.
The shares of Rivian (NASDAQ: RIVN) have received a $100 price target from RBC. And RBC analyst Joseph Spak reiterated an Outperform rating on the shares.

Spak noted that Rivian is on track to reach a production goal of 25,000 vehicles in 2022. Rivian had produced 2,553 vehicles and delivered 1,227 cars in Q1 compared to 1,015 produced and 920 delivered units last year. Rivian recently warned that issues due to supply chains could cut its 2022 production target by about half to 25,000.

Rivian’s Illinois-based facility is able to produce 150,000 vehicles per year with the company planning to increase capacity to 200,000 by 2023. And Rivian builds its R1S SUV, R1T pickup truck, and delivery vans for Amazon in that factory. Plus Rivian plans to open another factory close to Atlanta in 2024, which should increase the company’s capacity to 400,000 vehicles annually.

“We have more confidence in our 2022 production forecast of 25.5k (and the company indicated well positioned to deliver on their 25k production guidance), but we are slightly adjusting our deliveries for 2022 to account for longer in-transit times. Our new 2022 delivery forecast is 23.7k vs. ~24.9k prior and this does modestly tweak our 2022 P&L forecast. We believe production is the focal point, we just previously highlighted deliveries because we didn’t have a consensus production forecast,” wrote Spak in a research note.