Rivian Automotive price target lowered to $28 from $50 at RBC Capital

RBC Capital analyst Joseph Spak lowered the firm’s price target on Rivian Automotive to $28 from $50 but keeps an Outperform rating on the shares. The company’s 2023 production outlook disappointed amid continued semi constraints, even though its management indicated they have much better visibility this year, the analyst tells investors in a research note. The firm added that the timing on Rivian’s "plant rerate" has been pushed until 2024, so the company’s margin progression is delayed, but its management remains confident in cash liquidity through 2025.