As I'm posting this Rivian's stock is up to $61.79 an increase of $4.67 (8.18%).

Morgan Stanley's EV expert, Adam Jonas says the stock has a "Buy" rating with a $147 price target. Is this a realistic target for Riivan?

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Rivian Stock Poised For Surge After 45% Decline Since IPO

Rivian stock could be set for a 160% surge following a 45% decline in value since their November IPO.
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Rivian stock is going through turbulent times as of late. Following the firm's November IPO at $78 a share, prices surged to $172 before suddenly dipping back down to around $100. Then came the general stock sell-off, and now RIVN is at just $57.12 as of writing. That makes the company worth around $50 billion - roughly half the value of Ford.

Rivian is, as you probably know, delivering a small number of vehicles at the moment and has overcame the biggest hurdle of any automotive startup - reaching production. It also has backing from Ford and Amazon, and reviews of the R1T pickup have generally been very positive.

Morgan Stanley's in-house EV expert, Adam Jonas, had the following to say:

“An IPO that preceded the December market top, the reality-check of supply chain bottlenecks (normal in auto land, perhaps not normal in tech land), and the gut-check of having partner Amazon exercise its right to secure EDVs from alternative vendors (Stellantis, Daimler) has shaken investor confidence and, we think, provides an excellent opportunity to gain exposure to a company, product cycle, and business model that we believe has a greater chance [of] being a winner in this industry than most other EV competitors,” Jonas wrote in a note to investors. “While Rivian is at a far earlier stage in its industrial journey than Tesla, we do not see this company as just a ‘concept stock’ either. The road to ramping production will be choppy, but we expect largely due to supply rather than demand.”
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Jonas currently has a "Buy" rating on Rivian with a $147 price target.