DA Davidson Upgrades Rivian Automotive Inc (RIVN) to Neutral

DA Davidson analyst Michael Shilsky upgraded Rivian Automotive Inc (NASDAQ: RIVN) from Underperform to Neutral with a price target of $14.00.

The analyst comments "We are upgrading RIVN to NEUTRAL (from UNDERPERFORM) after the stock's recent slide. Much of the recent downside to the shares have come from a mixed-at-best investor reaction to the pricing of early R2 trims, which we believe for some consumers were 55% higher than expected. This not-insignificant gap is just one of the risks that the company will not deliver 20,000-25,000 R2 units this year and deliver the best mid-size EV SUV launch in 5 years. With the stock back to a more reasonable valuation, however, we're taking this trade off the table, especially amid other recent developments."

For an analyst ratings summary and ratings history on Rivian Automotive Inc click here. For more ratings news on Rivian Automotive Inc click here.

Shares of Rivian Automotive Inc closed at $15.05 yesterday.

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