Shares of Rivian (NASDAQ:RIVN) are down today, which can be attributed to analyst commentary. Adam Jonas of Morgan Stanley reiterated his Buy rating on the stock but slashed the price target from $26 to $24 per share.
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Jonas highlighted some short-term concerns, such as its attempt to raise prices on its vehicles during an industry-wide price war. Nevertheless, there is still significant cost-cutting potential at Rivian, which could help it in the long term.
Overall, Wall Street analysts have a consensus price target of $27.50 on RIVN stock, implying over 104% upside potential, as indicated by the graphic above.
