Rivian Automotive jumped 4% on Monday, boosted by strong analyst notes from Morgan Stanley, which said the firm is "the one" that can compete with Tesla.
Analyst Adam Jonas launched coverage of the stock with an overweight rating and a $147 price target, citing the company's "compelling" product, management team, and capital availability, as well as Rivian's Amazon tie.
Rivian had already received an order from Amazon for 100,000 automobiles. The analyst, however, believes it is a "stale number," and that Amazon will order closer to 300,000 units in 2025 and 2026.
Jonas also believes Rivian's R1T and R1S models are the most "capable/desirable product" in the electric vehicle industry, and that the van can dominate the EV sector's last-mile category.
On Monday, a slew of analysts began covering Rivian, with the vast majority issuing bullish ratings, with 0|DBDeutsche Bank citing Rivian's link with Amazon as a basis for its optimistic outlook.