Rivian Automotive price target lowered to $37 from $42 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on Rivian Automotive to $37 from $42 and keeps a Buy rating on the shares. The company reported "soft" December quarter results and its 2023 production guidance is impacted by line downs, the analyst tells investors in a research note. The firm believes line shifts will limit 2023 production, but sets Rivian up well to continue expansion into 2024.