Rivian Automotive price target lowered to $50 from $58 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on Rivian Automotive to $50 from $58 and keeps a Buy rating on the shares. The analyst sees a challenging auto end market globally into 2023, driven by high interest rates, energy prices and financing rates affecting affordability. This could overshadow a more constructive auto production outlook as supply chains and production bottlenecks ease, Rakesh tells investors in a research note. While electric vehicles should continue to grow, high prices and a "stretched consumer could be real headwinds," writes the analyst. In the near-term., Rakesh sees Rivian Automotive (RIVN) as best positioned with its production ramping, large exposure to the U.S. SUV market, and 32% valuation discount to Tesla (TSLA) on 2024 estimates.