Wall Street analysts have set a high bar for EV start-up Rivian Automotive (NASDAQ:RIVN) following its blockbuster IPO last month, comparing CEO RJ Scaringe to Superman and saying the company’s “the one” capable of challenging Tesla (NASDAQ:TSLA) .
Whether Rivian and Scaringe can live up to the hype will begin Thursday after the markets close when the automaker reports its first quarterly financial results as a public company.
While Rivian has given some earnings and production guidance as part of its IPO, investors will concentrate on any updates or changes to its plans. Specifically, vehicle production, consumer deliveries and pre-orders of its first electric vehicles.
The company’s revenue and financial results are less relevant at this point, as it attempts to ramp-up production of three products simultaneously at its plant in Normal, Ill. Its first EVs are the R1T pickup and R1S SUV for consumers and a commercial delivery van for Amazon (NASDAQ:AMZN)
Overall, Wall Street analysts are cautioning investors to expect some growing pains for Rivian, but they predict the company will successfully navigate such challenges and establish itself as a worthy competitor against Tesla and others in the EV industry.
Morgan Stanley’s price target is in line with the overweight rating and target price of $134.08 a share based on analysts.
For the third quarter, Rivian last month estimated operational losses of between $745 million and $795 million and a net loss of between $1.21 billion and $1.28 billion. It forecasted its quarterly revenue to be about $1 million.
RIVN shares settled 20 cents to $114.80
