The electric vehicle (EV) market is experiencing a slowdown.
According to some data, U.S
EV sales dropped by 27% year over year in the first quarter. Investors are selling off shares of some notable EV makers, perhaps partly as a result of this. For example, Rivian Automotive (NASDAQ: RIVN) has seen its stock decline by 30% year to date, trading a bit below $14 per share as of this writing.
However, some analysts expect Rivian to bounce back and perform well over the next year. Is there plenty of upside ahead? Mickey Legg, an analyst at The Benchmark Company, has a $25 price target for Rivian.