- Wedbush analyst Daniel Ives reiterated an Outperform rating on the shares of Rivian Automotive Inc (NASDAQ:RIVN) with a price target of $45.00.
- The analyst said Rivian’s deal with Mercedes-Benz last week on a joint venture to produce electric vans in a new electric-only manufacturing facility in Central or Eastern Europe is a smart strategic move by Rivian to penetrate Europe.
- Ives said the deal would help Rivian ramp up the EDV platform’s production to meet its long-term growth and profitability targets.
- Also Read: Tesla China’s Strong August Comeback, Rivian To Drive Across The Atlantic, Talent Drain At Lucid: Week’s Biggest EV Stories
- RIVN has now placed itself well to navigate near-term supply chain headwinds while extending its brand exposure overseas, added the analyst.
- While the deal expands its brand exposure to international customers, Rivian has a competitive advantage over the competition due to its financial backing from Amazon.Com, Inc. (NASDAQ:AMZN) and its flagship 100,000 vehicle commercial delivery contract.
- Ives believes Rivian is primed to capture the massive influx of current and future EV demand and has the potential to be a major EV stalwart over the next decade.
- Price Action: RIVN shares are trading higher by 3.04% at $38.69 on the last check Monday.
AstraZeneca, Swedish Orphan Biovitrum And Sanofi Have Updated And Simplified Their Contractual Arrangements Relating To The Development And Commercialization Of Nirsevimab In The US
AstraZeneca, Swedish Orphan Biovitrum AB (publ) (Sobi) and Sanofi have updated and simplified their contractual arrangements relating to the development and commercialisation of nirsevimab in the US. Given the upcoming launch of nirsevimab in the US and other markets, simplification of the prior arrangements clarifies the roles and responsibilities of relevant parties.
