Morgan Stanley lowered the firm’s price target on Rivian Automotive to $24 from $26 and keeps an Overweight rating on the shares. Investor sentiment around Rivian has been low following a 2022 "plagued by ramp delays, macro headwinds, and an ensuing EV price war," but the firm still believes there can be reason to be positive on Rivian ahead of the upcoming earnings with "a myriad of bad news baked into the stock." After updating its model, the firm’s "bull case" target moves down to $45 from $55 and its base case target gets reduced to $24, the analyst noted.
Published first on TheFly
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