BofA downgraded Rivian Automotive (RIVN) to Neutral from Buy with a price target of $13, down from $20. While noting that the company is on track for a positive gross margin in Q4 and calling it “one of the most viable among the startup EV automakers,” the firm notes that positive gross margin will be supported by regulatory credits that could be at risk under the Trump administration. BofA also now expects only moderate growth in deliveries in 2025, the analyst added.
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