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Materials : Construction Materials | Mid Cap Blend
Based in Ireland
Company profile

CRH PLC is an Ireland-based company, which is a provider of building materials solutions. The Company’s segments include Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions, and Europe Building Solutions. The Company's solutions include essential materials, road solutions, building and infrastructure solutions, and outdoor living solutions. Essential materials include cement, lime (in Europe), and the full range of construction-grade aggregates. Road solutions support the manufacture and supply of ready mixed concrete, asphalt and paving and construction services to build and maintain road, highway and commercial infrastructure. Building and infrastructure solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor living solutions integrate specialized materials, products and design features to remodel private and public spaces.


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Rivian stock rallies over 7% as analyst says 'worst has passed'

11:39 am ET May 10, 2023 (MarketWatch)

By Claudia Assis

Rivian 'continues to walk a tightrope,' in the pursuit of profit, analyst says

Shares of Rivian Automotive Inc. jumped more than 7% Wednesday after the electric-vehicle maker wrestled with rising costs as its production picked up, earning some praise from Wall Street.

Rivian (RIVN) late Tuesday reported a narrower-than-expected first-quarter loss and stuck with its production outlook for the year, in contrast with guidance cuts for two other EV startups.

See also: Tesla stock resumes rally, as Rivian's results and broader stock market rally provide support

Rivian's quarterly report was a "key step in right direction as the worst has passed," Barclays analyst Dan Levy said in a note Wednesday, even though "there are still a number of challenges ahead," including a sharply negative Ebitda. Levy maintained the equivalent of a neutral rating on the stock.

Davidson analyst Michael Shlisky echoed some of that sentiment, saying that "there's much risk left to navigate." It was good that production expectations weren't cut, but there was not enough in the quarterly report to become positive on the stock.

Rivian "continues to walk a tightrope as it tries to 'cost down' its bill of materials while trying to preserve its supplier relationships," Shlisky said, who kept his sell rating on the stock.

With Lucid Group Inc. (LCID) and Fisker Inc. (FSR) both cutting their 2023 production guidance shortly before Rivian's earnings report, Rivian had to clear a lowered "execution bar," resulting on the rally for the stock, Chris McNally at Evercore ISI said.

Don't miss:Fisker cuts production, posts wider loss than expected

Rivian holds some positives as compared with Lucid and Fisker. It keeps "a more favorable liquidity position than EV peers," given a cash position of $11.8 billion at the end of the quarter, CFRA analyst Garrett Nelson said in a note. The stock's current short interest, at around 11% of the float, also is "considerably lower" than peers.

Related:Lucid stock drops 9% after EV startup dials down production guidance

Shares of Rivian have lost 35% in the past 12 months, contrasting with gains of around 3% for the S&P 500 index. That underperformance holds in the year-to-date, with Rivian shares down 20% versus an advance of around 8% for the index.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 10, 2023 11:39 ET (15:39 GMT)

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