Rivian Automotive price target lowered to $44 from $51 at Baird

Baird analyst George Gianarikas lowered the firm’s price target on Rivian Automotive to $44 from $51 and keeps an Outperform rating on the shares. The analyst adjusted his estimates to reflect factory downtime in Q1 associated with the implementation of its internal motor platform to electric delivery van (EDV) units. This dual-motor drivetrain and LFP battery pack are expected to yield cost improvements once implemented; however, the installation may take time to ensure a high level of training and production quality.