Jefferies: Rivian's Stock Correction Offers a Buying Opportunity After Q3 Earnings

According to CNBC, Jefferies upgraded Rivian to Buy from Hold Friday after the EV maker's Q3 results, saying a 32% stock decline over the past three months had created a favorable entry point. Jefferies kept its $17 price target, implying 48% upside from Thursday's $11.45 close; Rivian shares rose more than 5% early Friday to above $12. Rivian reported a 48-cent-per-share loss, narrower than the 64-cent consensus estimate, and revenue of $2.16 billion, above the $2.0 billion estimate. Gross profit was $176 million, and total gross profit margin widened to 8%. Rivian raised its full-year delivery outlook to 67,000 to 70,000 vehicles from 65,000 to 70,000, with R2 its best-selling vehicle by volume in Q3.