Rivian Automotive Inc (RIVN) PT Lowered to $18 at Needham

Needham analyst Chris Pierce lowered the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $18.00 (from $20.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating but lower our price target to $18 post 2Q results and company commentary. We continue to see RIVN as a long term winner in the ICE to EV transition, leveraging high R1 owner satisfaction and their AMZN delivery van partnership on the demand side, combined with the recent strategic partnership and planned investments from Volkswagen as well as continued manufacturing efficiencies and supplier leverage driving down COGS per vehicle. The TAM expanding R2 and R3 vehicles do the heavy lifting in our model to drive unit growth, pushing out upside, with R1 demand uncertainty muting near term growth. Consensus delivery estimates likely need to move lower with RIVN reaffirming '24 delivery growth and planned '25 R1 and EDV line capacity. Our $18 target is 20x our '28E adj EBITDA discounted back."

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