Rivian Automotive’s Q4 results show production rate improving, says UBS

UBS keeps a Buy rating and $24 price target on Rivian Automotive after its Q4 output/delivery results. The stock’s 35% rally over the past month may have raised the bar for Q4 production/deliveries and has caused some weakness in the shares after the results, though the production rate is seen as “improving”, the analyst tells investors in a research note. Bears will likely focus on the sequential delivery decline, but this is driven by van seasonality, while consumer vehicles’ performance has likely continued to show progress vs. last quarter, the firm adds.