Rivian Automotive Inc (RIVN) PT Lowered to $112 at Piper Sandler But Still Can Be 'Next Tesla'

Piper Sandler analyst Alexander Potter lowered the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $112.00 (from $130.00) while maintaining an Overweight rating, saying it seems singularly aware of what it takes to be the "Next Tesla."

The analyst commented, "Vertical integration is costly, and there are no shortcuts. In its early days, Tesla dealt with delays, quality problems, and staggering cash burn. Rivian must endure this period, just as Tesla did. But we think the payoff will be worth it, because Rivian has a chance to consolidate three large segments of the auto market before Tesla releases competing products."

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