Mizuho analyst Vijay Rakesh downgraded Rivian Automotive to Neutral from Buy with a $12 price target. The analyst remains constructive on the broader electric vehicle landscape with the long-term trend to electrification, but says near-term electric vehicle demand and tightening liquidity are creating challenges into 2025. The firm now sees 2024 EV growth up 15% year-over-year versus up 25% previously. Sales expectations are decelerating faster than expected, the analyst tells investors in a research note. As such, Mizuho downgraded Tesla (TSLA), Rivian (RIVN) and Nio (NIO) to Neutral from Buy, citing slowing demand and increasing inventory.
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