Rivian Automotive upgraded to Buy from Neutral at UBS

UBS analyst Joseph Spak upgraded Rivian Automotive to Buy from Neutral with a price target of $24, down from $26. The firm sees a reduced probability of an additional capital raise over the next ~1 year with capital likely not needed until the end of 2025, and thinks the market can refocus on improving fundamentals with the raise out of the way, the analyst tells investors in a research note. UBS is forecasting 2023 production of roughly 54,500 vs. guidance of 52,000, with the potential for a raise, and forecasts 10x unit growth by 2030.