Jim Cramer thinks Rivian is a worth a look for investors looking to buy an EV stock

Rivian Cars RIVN shares rose 6% on Tuesday after Wall Street analysts expressed optimism about the electric vehicle maker. Baird rates Rivian a “bullish fresh pick” and expects third-quarter deliveries to beat estimates, citing the company’s improving margins and stronger underlying demand for its products. The research firm highlighted an outperform (buy) rating on the stock and a price target of $30 per share, a 42% premium to Monday’s closing price of about $21 per share.

CNBC’s Jim Cramer said Tuesday that he will be watching the stock following bullish comments from Wall Street. “It’s just an incredibly positive sign,” the “Mad Money” host said. “If you’re looking for an (electric vehicle name) that’s doing well, we have Rivian.” CNBC Investment Club doesn’t hold Rivian in its portfolio, but it does Ford (F), has been working hard to develop its electric vehicle business.