Barclays downgraded Rivian Automotive to Equal Weight from Overweight with a price target of $16, down from $25. The company has a great product/ and technology but this is not enough to avoid increased signs of demand pressure amid the broader electric vehicle slowdown, the analyst tells investors in a research note. The firm says demand softness implies risk from pricing, slower volume growth, and a longer path to breakeven for Rivian. The company also has an ongoing need for capital raises, adds Barclays.
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