Rivian Automotive price target lowered to $50 from $61 at RBC Capital

RBC Capital analyst Joseph Spak lowered the firm’s price target on Rivian Automotive to $50 from $61 but keeps an Outperform rating on the shares. The company’s Q3 results contained some signs of improvement with evidence of plant efficiency, though the management also pushed out the higher volume R2 platform to 2026 from 2025, which requires an update to valuation assumptions, the analyst tells investors in a research note. Spak adds however that he still likes the stock as a "mid-to-long term opportunity".