Greenway December 8 | Stifel covered electric vehicle manufacturer Rivian for the first time, giving it a “buy” rating with a target price of $23; giving Lucid a “hold” rating, with a target price of $5. The bank believes that barriers to electric vehicles caused by macroeconomic factors and concerns about vehicle range, costs, and charging infrastructure will be reduced in the next few years, paving the way for sales growth. According to the bank, Lucid's recent licensing agreement with Aston Martin shows recognition of its technology, and more deals are likely to follow; Rivian's brand awareness, deals with Amazon, and pricing are major positive factors. However, the bank expressed concerns about the two companies' cash consumption and productivity, adding that additional capital injections may be needed.