Rivian Automotive price target lowered to $10 from $12 at Barclays

Barclays analyst Dan Levy lowered the firm’s price target on Rivian Automotive to $10 from $12 and keeps an Equal Weight rating on the shares. The analyst says the company’s strategic shift around R2 and delay of Georgia reduces pressure for capital raises but pushes out timing of mass scale. The firm reduced volume expectations through the end of the decade on softer R1 and commercial van demand as well as the delayed R2 ramp.