DA Davidson lowered the firm’s price target on Rivian Automotive to $17 from $19 and keeps a Neutral rating on the shares. The company’s 2024 production and delivery outlook was short of estimates, the analyst tells investors in a research note. Rivian is trying to “mature internally” with improved purchasing, new trim levels, and staff reductions while at the same time managing growth as EV markets are turning bumpier, and while it may be able to succeed at both, its risks “remain elevated”, the firm added.
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