Rivian Automotive price target lowered to $13 from $18 at Needham

Needham analyst Chris Pierce lowered the firm’s price target on Rivian Automotive to $13 from $18 but keeps a Buy rating on the shares. The firm’s EV OEM tracker suggests that the overall demand has weakened, but used vehicle price declines are in line with historical averages, and Rivian consistently scores better than peer vehicles that Needham tracks, the analyst tells investors in a research note. The firm adds that while it had expected to see an acceleration in price depreciation by now to match the slower demand that the management mentioned on its Q4 earnings call, the tracker findings point to better than expected demand in the used market to date.