Rivian Automotive price target lowered to $40 from $55 at Canaccord

Canaccord analyst George Gianarikas lowered the firm’s price target on Rivian Automotive to $40 from $55 and keeps a Buy rating on the shares. The analyst said the company’s limited deliveries to date have been met with almost universal praise, as quality, aesthetics, and performance have been stellar. However, investors and reservation owners want more: faster production, a quicker ramp to profitability, and more cash cushion on the balance sheet.