Rivian Automotive price target lowered to $19 from $41 at Goldman Sachs

Goldman Sachs analyst Mark Delaney lowered the firm’s price target on Rivian Automotive to $19 from $41 and keeps a Neutral rating on the shares as part of a broader research note. The weak macro backdrop should make for a challenging and choppy fundamental environment in 2023, but EVs/ADAS applications are still set to growth and auto production can be up modestly from a low base as supply constraints moderate, the analyst tells investors in a research note. Delaney adds that while he continues to expect Rivian to be successful in the long-term fundamentally, his reduced price target reflects lower shipment assumptions to better reflect company ramp progress and the supply chain.