Goldman Sachs Reiterates Neutral Rating on Rivian Automotive Inc (RIVN)

Goldman Sachs analyst Mark Delaney reiterated a Neutral rating and $11.00 price target on Rivian Automotive Inc (NASDAQ: RIVN).

The analyst comments "Rivian announced that it delivered about 10.0K vehicles in 3Q24 (down about 27% qoq and down about 36% yoy), below both GSe and Visible Alpha Consensus Data. Rivian produced 13.2k vehicles in 3Q24. Rivian now expects to produce 47k-49k vehicles in 2024 (down from 57k prior), which it attributed to the ongoing supply chain constraint. Rivian reiterated its delivery outlook of low single digit yoy growth, and expects to deliver in the range of 50.5k to 52k vehicles, compared to GS prior at 52.3k and consensus at 53.5k. We believe the key focus items from here for investors will include: 1) Rivian's ability to resolve the supply chain issue; 2) demand for the R1, as the EV market has been relatively soft, the delivery guidance implies a significant step up in 4Q, and Rivian is bringing out additional trims; 3) price-cost management and its ability to achieve gross profitability; and 4) R2 progress. We maintain our Neutral rating on the stock."

For an analyst ratings summary and ratings history on Rivian Automotive Inc click here. For more ratings news on Rivian Automotive Inc click here.

Shares of Rivian Automotive Inc closed at $10.44 yesterday.

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