What happened
Citi has launched coverage of Rivian, the US electric vehicle company whose ticker is RIVN.O, according to a report from Jinshi Data.
The brokerage assigned a neutral rating to the stock and set a target price of $18.
Why it matters
A neutral rating suggests Citi sees the stock as fairly valued at current levels rather than offering a clear buying or selling case.
The initiation brings Rivian onto the radar of investors who track Citi's research, though the neutral stance signals limited conviction on near-term upside.
Key facts
Citi initiated coverage of Rivian (RIVN.O).
Citi gave Rivian a neutral rating.
Citi set a target price of $18 for Rivian.
What to watch next
Whether other brokerages follow with their own initiations or rating changes on Rivian.
How Rivian's share price reacts relative to the $18 target set by Citi.