Truist lowered the firm’s price target on Rivian Automotive to $44 from $50 and keeps a Buy rating on the shares. The company reported "mixed" Q4 results which were overshadowed by its 2023 production guidance 20% below Street estimates, driven by scheduled downtime for new component rollouts/production line optimizations and continued supply constraints for power semiconductors, the analyst tells investors in a research note. The firm says that while the shares are likely to face pressure today, the lower 2023 guide is largely a result of Rivian’s cost-saving initiatives. Truist sees the sacrifice of near-term production for enhanced R1 and RCV profitability as an "attractive value proposition."
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