Rivian Automotive price target lowered to $28 from $55 at Morgan Stanley

Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Rivian Automotive (RIVN) to $28 from $55 and keeps an Overweight rating on the shares. Electric vehicles, or EVs, are passing from acute under-supply to potential over-supply and Tesla’s (TSLA) recent price cuts "are just the latest sign the EV market may be entering the ‘shake-out’ phase," the firm tells investors. Morgan Stanley argues that shorter delivery times, price cuts, and falling used values "mark a new ‘reset’ chapter for EVs," which prompts them to recommend reducing exposure across the EV portfolio.