BUZZ-Rivian shares rise on Q2 revenue beat, higher delivery forecast
RIVN•Analyst view and stock performance
** Rivian's autonomous driving software and vehicle electronics technology could be key long-term profit drivers, and software and services are expected to contribute about two-thirds of the company's profits over time, analysts at Morningstar said.
** 15 of 28 brokerages rate the stock "buy" or higher, 8 rate it "hold" and 5 rate it "sell" or lower; the median price target is $18.47, according to data compiled by LSEG.
** As of the last close, the stock was down 14.6% year to date.
Shares rise after revenue beat and delivery outlook boost
** Shares of EV maker Rivian Automotive rose 4.28% to $17.55 in premarket trading after the EV maker beat second-quarter revenue estimates and raised its full-year delivery forecast.
** On Thursday, RIVN reported second-quarter revenue of $1.66 billion, topping estimates of $1.51 billion, according to LSEG, on optimism over its lower-priced R2 SUV and software business growth.
** RIVN posted a narrower-than-expected adjusted loss of 46 cents per share and raised its FY delivery forecast to 65,000-70,000 vehicles from 62,000-67,000 previously.
