Cantor downgrades Rivian to Neutral on lower vehicle deliveries

Cantor Fitzgerald analyst Andres Sheppard downgraded Rivian Automotive (RIVN) to Neutral from Overweight with a price target of $15, up from $13, following the Q4 report. The stock in premarket trading is down 5% to $12.94. The company guided fiscal 2025 vehicle deliveries to 46,000 – 51,000, below Cantor’s estimate of 59,402 and the consensus expectation of 55,190, the analyst tells investors in a research note. The firm cites lower vehicle deliveries, fewer electric delivery van deliveries, and worsening macro conditions, including the implementation of incremental tariffs and the likely removal of the $7,500 electric vehicle tax credit, for the downgrade. Cantor is “discouraged” by Rivian’s delivery guidance.