RIVN -2.45 to 38.71, here's this morning's analyst commentary and wide ranging price target reductions -
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RBC Capital analyst Joseph Spak lowered the firm's price target on Rivian Automotive to $100 from $116 after its Q4 earnings miss and noting that the company still needs to show progress on the production ramp and rebuild investor confidence. Spak keeps an Outperform rating on the shares however based on Rivian's "very ambitious plan" and a "very favorable" risk-reward at current levels.
Wedbush analyst Daniel Ives lowered the firm's price target on Rivian Automotive to $60 from $130 and keeps an Outperform rating on the shares. Ives, who calls the Rivian store "disappointing," tells investors in a research note that the company missed their first quarter out of the box on supply chain issues "surprises," then instituted a 20% price unit increase due to inflationary pressures which was then rescinded 48 hours later after a flurry of customer cancellations, and last night provided very soft unit guidance for 2022. While Rivian has the potential to be a major EV stalwart over the next decade, for that to happen they need to start delivery models to customers and stop the excuses, Ives contends.
Baird analyst George Gianarikas lowered the firm's price target on Rivian Automotive to $84 from $100 and keeps an Outperform rating on the shares. The analyst noted they reported Q4 results that were mostly in line with expectations but with 2022 unit guidance that missed. He said the company has been riddled with supply chain and pricing issues since its IPO. However, he remains confident in management's long-term ability to create a winner in future mobility with full capture of the EV value chain.
Mizuho analyst Vijay Rakesh lowered the firm's price target on Rivian Automotive to $100 from $145 and keeps a Buy rating on the shares. The company reported a "soft" December quarter as it sees early-stage ramp challenges with 2,425 vehicles produced to date, Rakesh tells investors in a research note. The company cut 2022 production to 25,000 units from 50,000, adds the analyst. While Rivian offers a "robust, compelling" portfolio product and business model, key will be ramping production and avoiding costly delays, writes Rakesh.
Barclays analyst Brian Johnson lowered the firm's price target on Rivian Automotive to $42 from $47 and keeps an Equal Weight rating on the shares following the Q4 results. While demand for R1 appears to be holding up better than some may have expected, Rivian's "significant cut" to fiscal 2022 production will likely disappoint investors, Johnson tells investors in a research note.
Piper Sandler analyst Alexander Potter lowered the firm's price target on Rivian Automotive to $130 from $148 and keeps an Overweight rating on the shares. The "news wasn't great" in Rivian's Q4 results, Potter tells investors in a research note. The shares are lower due to a slower than expected production ramp, says the analyst. However, Potter adds that Rivian's backlog and order rates are resilient, and if not for supply chain hiccups, the company would be capable of building 50,000 units this year. "Supply chain problems are temporary; they do not constitute a reason to sell the stock," writes Potter.
Wolfe Research analyst Rod Lache lowered the firm's price target on Rivian Automotive to $78 from $130 and keeps an Outperform rating on the shares. The analyst says he was "bracing for a tough message" on Rivian's earnings call so he's not surprised in the company's "conservative case" of 25,000 units produced this year. This is well below Rivian's capacity, Lache tells investors in a research note. He says that to assess the company's potential, investors need to look five years out.
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