RBC Capital lowered the firm’s price target on Rivian Automotive (RIVN) to $14 from $15 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for global automakers. Sector shares have pulled back, and while consensus numbers have been scaled down, there is further downside risk to estimates amid bearish macro sentiment, with many investors wondering a deflationary period after post-pandemic price hikes has arrived, the analyst tells investors in a research note. For Rivian, lower Q3 delivery number suggests that the management could withdraw its Q4 gross profit guidance, while a VW (VWAGY) profit warn is causing investors to worry if the company is committed to finalizing its deal with the company, the firm added.
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