Rivian Automotive, Inc. RIVN shares fell nearly 7% Tuesday while port workers striked and conflict escalated in the Middle East. 

The Details: Port workers represented by the International Longshoremen’s Association (ILA) walked off the job Tuesday after the labor contract between the ILA and U.S. Maritime Alliance expired overnight. A prolonged strike could affect many industries and the U.S. economy as a whole. 

John Bozzella, president and CEO of the Alliance for Automotive Innovation, asked the White House to intervene in the negotiations on behalf of the auto industry. According to a Reuters report, Bozella said the ports impacted by the strike handled 34% of all U.S. motor vehicle and parts trade, worth approximately $135.7 billion in 2023. 

“A protracted strike will be debilitating to the auto supply chain and set off economic and national security ripples across the country — harming auto communities and consumers,” Bozzella said. 

Read Next: Elon Musk, Tesla Win Dismissal Of Full-Self Driving Claims: Judge Tosses Lawsuit

What Else: Iran launched a missile attack against Israel on Tuesday, increasing tensions in the Middle East and uncertainty in global markets. Technology stocks fell with the Invesco QQQ Trust QQQ closing Tuesday’s session down 1.39% while defense and oil stocks traded higher.

When trying to assess whether or not Rivian Automotive will trade higher from current levels, it’s a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $17.48 on Rivian Automotive. The Street high target is currently at $20 and the Street low target is $13. Of all the analysts covering Rivian Automotive, 14 have positive ratings, nine have neutral ratings and none have negative ratings.

In the past month, eight analysts adjusted price targets. Here’s a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street’s most accurate analysts. Check out how analysts covering Rivian Automotive have performed in recent history.

Stocks don’t move in a straight line. The average stock market return is approximately 10% per year. Rivian Automotive is 49.83% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Rivian Automotive, visit here. If you want to go above and beyond, there’s no better tool to help you do just that than Benzinga Pro. Start your free trial today.

RIVN Price Action: According to Benzinga Pro, Rivian shares ended Tuesday’s session down 6.95% at $10.44. 

Read Also:

Photo: Courtesy of Rivian Automotive, Inc.