JPMorgan analyst Ryan Brinkman downgraded Rivian Automotive to Underweight from Neutral with a price target of $11, down from $20, after “slashing” the firm’s estimates to account for substantially slower growth amid continued large losses. The company has fallen “far short” of its own targets for vehicle sales and production, “let alone the seemingly much more ebullient expectations of its investors,” and disappointing new guidance revealed yesterday implies essentially no growth in 2024 that the firm sees hinting at growing demand problems that “leave little likelihood for a re-acceleration of growth” until at least 2026, the analyst tells investors.
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