Rivian, Lucid tumble as slowing EV demand upsets ramp-up plans
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Rivian Automotive Inc (RIVN) PT Lowered to $12 at Barclays
February 26, 2024 5:56 AM ESTBarclays analyst Dan Levy lowered the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $12.00 (from $16.00) while maintaining a Equalweight rating.
The analyst comments "Key takes: 1. Demand weakness materializing amid softer order book, '24 volume guide reflects demand challenges; 2. Mgmt reaffirmed gross... More
Analysts cut ratings on Rivian Automotive (RIVN) as EV slump extends
February 22, 2024 12:54 PM ESTAnalysts have moved to downgrade the shares of Rivian Automotive (NASDAQ: RIVN) on Thursday as the slump across electric vehicle stocks continues.
Electric Vehicle Stocks Decline
Shares of RIVN have declined more than 25% after the company's disappointing earnings release after the close on Wednesday. The company's production guidance also missed expectations when it said it would reduce its salaried workforce by around 10%.
Another EV company, Lucid Group, also forecast production below analyst expectations, with its share... More
CFRA Downgrades Rivian Automotive Inc (RIVN) to Sell
February 22, 2024 12:00 PM ESTCFRA analyst Garrett Nelson downgraded Rivian Automotive Inc (NASDAQ: RIVN) from Hold to Sell with a price target of $10.00 (from $20.00).
The analyst comments "We cut our 12-month target to $10 from $20. We lower our adjusted EPS estimates to -$3.75 from -$3.00 for '24 and to -$3.00... More
JPMorgan Downgrades Rivian Automotive Inc (RIVN) to Underweight
February 22, 2024 10:13 AM ESTJPMorgan analyst Ryan Brinkman downgraded Rivian Automotive Inc (NASDAQ: RIVN) from Neutral to Underweight with a price target of $11.00 (from $20.00).
The analyst comments "We are downgrading shares of Rivian Automotive (RIVN) to Underweight from Neutral after slashing our estimates and price target to account for substantially slower growth amidst continued large losses. The reasons for our downgrade are multifold, including: (1) The company has fallen far short of its own targets for vehicle sales and production, let alone the seemingly much more ebullient expectations of its investors, and disappointing new guidance revealed yesterday... More
