Rivian Automotive Inc (NASDAQ: RIVN) jumped more than 4.0% in the stock market this morning after MotorTrend named the R1T its 2022 truck of the year.
Rivian beats competitors in all six categories
Rivian’s R1T is the first mass-produced all-electric pickup truck in the United States. According to MotorTrend, it found the R1T superior to competitors, including the GMC Hummer EV, Ford Maverick, and Hyundai Santa Cruz, based on performance, engineering excellence, design, value, safety and efficiency.
Rivian re-examined what a modern pickup could be, and the result is the most remarkable truck MotorTrend has ever driven, making it arguably the worthiest recipient of the Golden Calipers in recent history.
The award could mean great things for Rivian’s sales but its impact on the stock is yet in the hanging. After all, it could be like last month when MotorTrend named Lucid Air its “Car of the Year”, but the recognition couldn’t do much for its stock.
Deutsche’s Rosner is bullish on Rivian
Deutsche Bank’s Emmanuel Rosner agrees the “very encouraging recognition” from MotorTrend on top of Rivian’s partnership with Amazon could suggest strong consumer and commercial prospects for the company in the coming years.
Defending his “buy” call on the stock with a price target of $130 on CNBC’s “Power Lunch”, he said:
Our valuation is based on 4.5 times 2025 revenues of about $30 billion. Tesla is at the high-end at about 9 times and Neo at the low-end at about 2 times. Rivian is in the middle because it doesn’t have Tesla’s technology but has an incredibly strong partnership with Amazon that could make it a leader in the last mile delivery.
Even more bullish on RIVN is BofA Securities that sees upside to $170. Rivian is set to launch its all-electric SUV in the U.S. early next year.
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