GMBStaff
27 Oct 23
<p>Cantor Fitzgerald has upgraded Rivian Automotive to Overweight, citing the end of Rivian's exclusivity with Amazon as an advantage. They believe that this will allow Rivian to pursue other partnerships and expand its customer base, which is seen as a positive development for the company's g...
Cantor Fitzgerald has upgraded Rivian Automotive (NASDAQ:RIVN) to Overweight, citing the end of Rivian's exclusivity with Amazon as an advantage. This news caused Rivian's shares to rise 3% in early trading on Friday. Cantor Fitzgerald believes that the expiration of Rivian's exclusivity with Amazon will allow the company to pursue other partnerships and expand its customer base. They see this as a positive development for Rivian's growth potential and have consequently upgraded the stock rating.
Rivian's exclusive partnership with Amazon has been a key driver of its success in recent years. The partnership has allowed Rivian to secure a substantial number of orders for its electric vehicles (EVs) from Amazon. However, Cantor Fitzgerald views the end of this exclusivity as a positive development for Rivian. They believe that by no longer being tied to Amazon, Rivian will have the freedom to pursue other partnerships and diversify its customer base. This opens up opportunities for Rivian to collaborate with other companies and expand its market reach. Cantor Fitzgerald's upgrade to an Overweight rating reflects their confidence in Rivian's ability to capitalize on this newfound flexibility and drive further growth in the EV market.