Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher on Friday. The company reported better-than-expected fourth-quarter financial results on Thursday.

The company reported an adjusted loss of 54 cents, beating the consensus estimate of a 68-cent loss. In addition, it reported revenue of $1.28 billion, beating the consensus estimate of $1.27 billion.

Following the announcement, several analysts revised/maintained the price forecast on the stock.

Quarterly Results: ‘A Step Forward’

Benchmark analyst Mickey Legg maintained a Buy rating and raised the price forecast from $18 to $25.

The analyst writes that the company’s quarterly performance is meaningful progress, highlighted by a return to positive gross profit as accelerating Software & Services growth helps cushion near-term swings in the core auto business ahead of the R2 launch.

Although automotive margins remained negative due to product mix and regulatory credit pressures, achieving positive gross profit for the full year underscores better cost control and execution, the analyst adds.

Legg ...