Rivian Production Plant Puts ‘Ceiling’ On Stock, Analyst Says In Downgrade
Truist Securities expects Rivian Automotive Inc (NASDAQ:RIVN) shares to be stuck in the short term as the company embarks on a planned shutdown of its manufacturing facility.
What To Know: Truist Securities analyst Jordan Levy on Monday downgraded Rivian from Buy to Hold and slashed the price target from $26 to $11, citing capital needs concerns related to the multi-week plant shutdown planned for the second quarter.
Rivian shares tumbled last week after the EV maker reported quarterly results and issued weak production guidance for 2024. The company said it expects to produce 57,000 vehicles this year versus estimates of 81,000. The weak guidance was largely due to the planned shutdown of Rivian’s production facility.
“While RIVN’s strong execution should be noted and we remain constructive on the value of the vertically integrated model/differentiated brand, we see imminent …
Full story available on Benzinga.com
