Rivian Automotive price target lowered to $25 from $37 at Wedbush

Wedbush analyst Daniel Ives lowered the firm’s price target on Rivian Automotive to $25 from $37 and keeps an Outperform rating on the shares. The firm notes Rivian reported its December quarter results and gave 2023 guidance which yet again will have investors wanting more in a clear theme for the company since its IPO. The quarter itself was mixed but ultimately takes a back seat to the much anticipated production guidance for 2023, which was 50k and came in below the Street’s 60k bogey, Wedbush says.