Rivian Automotive management tone one of stabilization, says Canaccord

Canaccord analyst George Gianarikas noted Rivian mangement has recently spoken publicly and we found the overall tone from management one of stabilization and optimism as supply chain and operational bottlenecks ease and the R2 readies for its unveiling early next year. We see the operational clouds breaking as production ramps and financials improve. We would also encourage management to continue to fortify the balance sheet to de-risk operations and instill confidence in stakeholders and customers. Canaccord reiterated is Buy rating and $40 price target on Rivian shares.