Mizuho analyst Vijay Rakesh lowered the firm’s price target on Rivian Automotive to $35 from $37 and keeps a Buy rating on the shares after the company announced a $1.3B green convertible senior note offering. The analyst believes proceeds from the convertible notes will likely fuel capex investments at Normal and potentially Georgia, while adding $60-$69M annual interest expense. The firm cites higher interest expense and potential dilution for the target drop.
Published first on TheFly
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