Rivian Automotive Inc (NASDAQ: RIVN) ended more than 10% down on Tuesday after reporting a year-on-year decline in deliveries in the fourth quarter.

The electric vehicles company delivered 13,972 vehicles in the final quarter of 2023 – down 10.2% versus a year ago.

Still, Ben Kallo – a Baird analyst dubs Rivian stock as the best idea for 2024. His research note last week said:

The Nasdaq-listed firm produced 17,541 electric vehicles in the fourth quarter versus 16,304 in the same quarter last year. Rivian stock is now trading 25% below its high in late July of 2023.

Rivian stock took a hit today primarily because the deliveries figures came in shy of Street estimates. FactSet consensus was for the EV company to deliver 14,000 vehicles in Q4.

The Baird analyst reiterated his “outperform” rating on Rivian stock this morning and said its shares could climb to $30 – about a 50% upside from here.

The Irvine-headquartered firm produced 57,232 vehicles in 2023 as a whole versus its guidance for 54,000. Rivian Automotive Inc is committed to opening its Georgia factory in early 2024.

That plant, once completed, is expected to produce about 400,000 vehicles per year. Rivian will report its fourth-quarter financial results on February 21st. Also on Tuesday, Tesla reported a 38% annualised growth in its yearly deliveries as Invezz reported here.

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