Rivian Automotive could beat consensus for its third-quarter deliveries, according to Baird analyst Ben Kallo, while Tesla faces a tougher challenge.
As the third quarter comes to a close, Rivian Automotive and Tesla are both preparing to report delivery numbers. Rivian is going to win this quarter, one analyst believes, at least relative to expectations.
Rivian stock has fallen about 13% over the past few days as the consensus delivery estimate for the quarter have fallen to 14,000 units from about 15,000, according to FactSet. His Rivian stock rating is the equivalent of Buy, and his price target is $30. Rivian stock is down 0.2% in premarket trading at $21.09, while S&P 500 and Nasdaq Composite futures are both off about 0.5%.
His call is for 439,200 vehicles. The consensus call is for 462,000, according to FactSet. That’s a gap of about 23,000 cars. What’s more, Wall Street’s consensus estimate was about 473,000 units just a few weeks ago.
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