Morgan Stanley lowered the firm’s price target on Rivian Automotive to $26 from $28 and keeps an Overweight rating on the shares after updating the firm’s model following Q4 results and initial FY23 guidance, which disappointed on production, gross margins, and cash consumption. The firm sees FY23 as "a pivotal year" for Rivian to show they can achieve a path to gross margin breakeven in FY24.
Published first on TheFly
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