‘EV Winter’ Is Starting To Take A Toll On Rivian: Analyst Says 2024 Targets Are In Jeopardy
Rivian Automotive Inc (NASDAQ:RIVN) has all the makings of a long-term winner in the EV space, but one analyst sees broader EV market weakness weighing on the company in the short term.
What Happened: Barclays analyst Dan Levy downgraded Rivian from an Overweight rating to an Equal-Weight rating and lowered the price target from $25 to $16, citing broader EV market trends.
“It appears that even great product and tech is not enough to avoid the EV winter,” Levy said in a note to clients.
Rivian continues to battle supply constraints. Volumes are largely dependent on production levels, Levy said.
Barclays previously believed the company had sufficient backlog to continue to drive volumes higher and that Rivian would eventually reach gross profit profitability by improving manufacturing operations. However, new data tells a different story.
The Irvine, California-based company offers the R1T pickup truck, the R1S …
Full story available on Benzinga.com
