UPDATE: Rivian Automotive Inc (RIVN) PT Lowered to $95 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh lowered the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $95.00 (from $100.00) while maintaining a Buy rating.

The analyst comments "We believe RIVN's supply constraints and delivery ramp could improve into 2H. We believe improvements to the DecQ/MarQ wire harness, PCBs, and semiconductors supply constraints could be 2H-weighted. In addition, we see MarQ deliveries ramping but still slow with global supply chain constraints/ disruptions in Europe, and earthquakes in Japan, leading to ramps being pushed out to the JunQ. We believe a stronger ramp is expected in 2HC22E. We are therefore adjusting our deliveries in F22E 1Q-4Q from 2k/4.1k/6.1k/7.8k to 1.9k/3.7k/6.6k/10.8k, a slower 1H with a better 2H, with 1H/2H delivery estimates from prior 6k/14k to 5.6k/17.4k. We see a better 2H22 and a strong F23E/24E/25E, as a robust pickup Truck/SUV portfolio ramps along twin Consumer/Commercial roadmaps. Our 2022 deliveries in F22E/F23E go from 24k/86k to 24k/88k as we look for a slightly larger 2023E ramp, as RIVN has noted potential 50k production in 2022 bottlenecked by supply constraints. We have kept F24E/25E unchanged at 189k/335k. As we have noted, 75-80% of US auto sales are pickup trucks and SUVs, and RIVN's R1S/R1T portfolio positions the company well."

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