Evercore ISI lowered the firm’s price target on Rivian Automotive to $25 from $35 and keeps an Outperform rating on the shares. The firm says “we wish we could spin some ‘better underlying detail’, but we can’t,” arguing that “this was a rough quarter” and call. The firm cites “a much cloudier path” to positive gross margins by Q4 as well as “debatable core R1 demand” in its post-earnings price target cut, adding that “2024 can now only be a year of ‘beating lowered expectations’ one quarter at a time” for the stock to regain any of its earlier momentum, despite the “mega R2 reveal” coming up on March 7.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on RIVN:
- RIVN Earnings: Rivian Drops on Wider Q1 Loss, Weak Guidance
- Rivian or Lucid: Evercore Chooses the Superior EV Stock to Buy Ahead of Earnings
- Options Volatility and Implied Earnings Moves Today, February 21, 2024
- Rivian hires Meta and Amazon veteran to head up marketing, WSJ reports
- What You Missed This Week in EVs and Clean Energy