shares of rivian automotive inc rallied friday toward an eighthstraight gain after wedbush analyst dan ives boosted his price target by 20 saying he believes the electric vehicle maker is “finally making a major turn” toward its longerterm business model ives reiterated the outperform rating he’s had on the stock rivn since it went public while raising his price target to 30 from 25 “we believe after a number of ‘one step forward two steps back’ excuses for rivian and supply chain headaches the company is finally making a major turn towards executing on its longer term business model” ives wrote in a note to clients “demand remains firm for the company’s unique ev model lineup while production appears to now be on the road to success as seen with stronger deliveries in 2q” rivian’s stock rose 35 toward a sevenmonth high in premarket trading after soaring 607 amid a sevenday win streak through thursday if the stock closes higher friday it would match its record eightday win streak that ended sept 14 2022 ives’ raised price target comes after rivian’s largest shareholder amazoncom inc announced earlier this week that it was taking delivery of the first of rivian’s new electric delivery vans in europe rivian had also reported this week secondquarter record deliveries that nearly tripled from a year ago and production that more than tripled “after quarters of disappointing production speed bumps supplier issues and what felt like an ongoing agita situation rivian now appears to have its production and supply chain issues well under control with the laser focus on getting deliveries in the hands of eagerly awaiting customers” ives wrote ives’ new price target which implies about 39 upside from thursday’s stock closing price of 2162 made him the thirdmost bullish on rivian of the 24 analysts surveyed by factset who cover the company the most bullish were wolfe research’s rod lache and canaccord genuity’s george gianarikas who both had 40 price targets on the stock fourteen analysts were bullish on rivian eight were neutral and two were bearish according to factset the average stock price target was 2355 rivian’s stock has run up 494 over the past three months through thursday while the global x autonomous and electric vehicles exchangetraded fund driv has advanced 134 and the sp 500 index spx has gained 75