JPMorgan lowered the firm’s price target on Rivian Automotive (RIVN) to $12 from $14 and keeps an Underweight rating on the shares as part of a Q3 earnings preview. The firm says a softer demand trend suggests some risk to the company’s outlook for full year deliveries, to which it moved to 49,000 from 54,000. Rivian’s softer trend to production and possibly deliveries “could endanger the company’s still growth stock multiple,” the analyst tells investors in a research note.
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