What happened
Citi has initiated coverage of Rivian, the US electric vehicle company, according to a report from Cailian Press.
The firm assigned a neutral rating to the stock and set a price target of $18.
Why it matters
The launch of coverage by a major bank brings Rivian additional analyst attention, which can shape how investors view the stock.
A neutral rating suggests the firm sees the shares as fairly valued rather than positioned for clear outperformance or underperformance, though that is an interpretation of the rating rather than a stated rationale.
Key facts
Citi initiated coverage of Rivian.
The rating given was neutral.
The price target was set at $18.
What to watch next
Whether other research firms follow with their own coverage and ratings on Rivian.
How Rivian's share price responds to the new rating and price target.