EV company Rivian (NASDAQ: RIVN) slid in pre-market trading on Monday after top-rated Wedbush analyst Daniel Ives lowered the price target to $25 from $32. This comes after the company’s $1.5 billion convertible note offering.
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The analyst acknowledged the company’s production progress but expressed concerns about management’s messaging and execution. Ives remains optimistic about Rivian’s growth potential over the long term, although he has lowered his confidence in the company’s story. The new price target reflects the analyst’s increased risk perception during a critical “prove me” period ahead.
Ives’ price target indicates an upside potential of 32.1% from current levels. Rivian is expected to report its calendar third-quarter earnings on November 7.
Is Rivian a Buy, Sell, or, Hold?
Analysts remain cautiously optimistic about RIVN stock with a Moderate Buy consensus rating based on 13 Buys and seven Holds.