Evercore ISI analyst Chris McNally lowered the firm’s price target on Rivian Automotive to $25 from $35 and keeps an In Line rating on the shares citing lower confidence in an early stage gross margin ramp in 2025. Greater than expected free cash flow burn and expected 2024/25 revenue revisions were the main reasons the firm started out cautious on the stock when it initiated coverage, despite being "very positive" on both their initial vehicles and their next-gen outlook for R2, the analyst added.
Published first on TheFly
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