DA Davidson Upgrades Rivian Automotive Inc (RIVN) to Neutral
DA Davidson analyst Michael Shilsky upgraded Rivian Automotive Inc (NASDAQ: RIVN) from Underperform to Neutral with a price target of $14.00.
The analyst comments "We are upgrading RIVN to NEUTRAL (from UNDERPERFORM) after the stock's recent slide. Much of the recent downside to the shares have come from a mixed-at-best investor reaction to the pricing of early R2 trims, which we believe for some consumers were 55% higher than expected. This not-insignificant gap is just one of the risks that the company will not deliver 20,000-25,000 R2 units this year and deliver the best mid-size EV SUV launch in 5 years. With the stock back to a more reasonable valuation, however, we're taking this trade off the table, especially amid other recent developments."
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Shares of Rivian Automotive Inc closed at $15.05 yesterday.