Bernstein last night initiated coverage of Rivian Automotive (RIVN) with an Underperform rating and $6.10 price target The stock in premarket trading is down 12c to $12.59. Rivian has built a brand based on adventure and has the resources to scale it, but it faces slower market growth, rising competition, and limits to the segments its brand can address, the analyst tells investors in a research note. The firm sees the company succeeding in its plan to reach over 500,000 units by 2030, but says this is not enough to create financial success for shareholders. Rivian’s breakeven is “years away” and the company is facing “mounting risks,” according to Bernstein.
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