Rivian Automotive Stock Forecast: Analyst Predictions and Price Targets

2024 Outlook

Our analysis suggests that RIVN stock could reach an average price target of $3,517 in 2024. However, the high forecast of $7,017 indicates potential for significant growth.

Recent Performance

Rivian stock underperformed the S&P 500 in 2023 and has declined by 21.5% in 2024 so far. Despite this, analysts remain optimistic about its long-term prospects.

Analyst Predictions

Twenty-one analysts have provided short-term price targets, with an average target of $1,581. The 12-month price forecasts from 23 analysts range widely, with an average target of $3,517.

Sales Growth Expectations

Analysts anticipate a moderate 8.8% year-over-year increase in Rivian's sales to $4.82 billion in 2024. This projected growth is driven by the company's expanding production capacity and strong demand for its electric vehicles.

Conclusion

Overall, analysts expect Rivian Automotive stock to perform well in 2024. The average price target of $3,517 implies a significant upside potential from its current price of $139 per share. Investors should carefully consider the risks and potential returns before making any investment decisions.