Rivian shares bucked the trend and fell more than 1%

Rivian shares bucked the trend and fell more than 1% as Ford could sell down Rivian stake to fuel its business, RBC said.

Analysts at RBC Capital on Monday raised their price target on Ford Motor Co. stock to $21, from $17, saying they continue to see upside for the auto maker. Their new valuation method includes further breaking up Ford's business, including its electric-vehicle business and investments in Rivian Automotive Inc., to value the shares, they said.

On Rivian, the analysts said they believe Ford views its investment in Rivian "as a financialone, so they may eventually sell-down to help fund Ford's organic investment or other cash calls."

Ford Chief Executive Jim Farley last month vowed that Ford would become the second largest U.S. electric-vehicle maker.