Rivian Automotive price target lowered to $16 from $23 at DA Davidson

DA Davidson analyst Michael Shlisky lowered the firm’s price target on Rivian Automotive to $16 from $23 and keeps an Underperform rating on the shares after its Q4 results. The production outlook for 2023 at 50K units was below the firm’s expectations of 60K units, and hints about 2024 suggested further downside relative to DA Davidson’s model, the analyst tells investors in a research note. While Rivian’s cash burn is expected to slow down gradually, the company’s EBITDA outlook was also below expectations, the firm added.