Rivian Automotive downgraded to Hold from Buy at Truist

Truist analyst Jordan Levy downgraded Rivian Automotive to Hold from Buy with a price target of $11, down from $26. The analyst remains constructive on the value of the company’s vertically-integrated model and “differentiated” brand, but sees its “imminent capital needs” continuing to put a ceiling on the shares. Rivian is entering an extended plant shutdown period which will drive flat year-over-year volumes, the analyst tells investors in a research note. The firm believes concrete evidence of strength in initial R2 orders will be needed to bring optimism back to the shares.