praise for rivian automotive inc’s betterthanexpected quarterly results failed to boost the ev maker’s stock on wednesday with most analysts keeping their cautious view on the company and on the direction of the stock in the near term rivian’s shares rivn dropped more than 9 on wednesday a day after the company reported secondquarter results that topped wall street views and raised its production guidance for the year to 52000 vehicles from 50000 the stock was on track to end at its lowest in a little over a month and poised for its steeper oneday percentage decline since march 7 when it fell more than 14 “we’re torn” alex potter at piper sandler said in his note it was a “good” quarter but the upside potential for the stock is tempered by capital burden potter said keeping his rating on rivian shares at the equivalent of hold “we cannot deny rivian has begun building credibility and we’re still big believers in the product the brand and the strategy which mimics tesla’s approach to vertical integration” potter said “we’re boosting our target to 22 up from 14 but questions remain we’re still neutral” piper sandler’s price target implied downside of about 3 compared to wednesday’s share price rivian showed the street that its “methodical approach to cost reduction” is showing results said truist analyst jordan levy who praised rivian’s inhouse integration but kept his 30 price target and buy rating on the stock unchanged michael shlisky at da davidson also raised his price target on rivian’s shares to 25 from 18 but stopped short of raising his hold rating on the stock rivian’s recent deal to buy swedish mapping company iternio developer of an app called a better routeplanner is underappreciated shlisky said the acquisition “does not get enough attention but could be a significant factor in rivian’s growth” the analyst said but soon after shlisky struck a cautious tone on rivian as well “we’re still not 100 sold as new ev suvs and pickup trucks seem to be entering the market monthly” including general motors co’s cadillac escalade iq execution risks remain “but things seem to be heading in the right direction” shares of rivian had been on a tear particularly since the company reported muchbetterthanexpected quarterly deliveries and production in early july the stock has gained more than 60 in the last three months which compares with an advance of about 9 for the sp 500 index spx in the same period rivian’s outperformance holds in the year to date but it’s less pronounced the stock is up 23 against a 16 gain for the index