JPMorgan lowered the firm’s price target on Rivian Automotive (RIVN) to $12 from $14 and keeps an Underweight rating on the shares as part of a Q3 earnings preview. The firm says a softer demand trend suggests some risk to the company’s outlook for full year deliveries, to which it moved to 49,000 from 54,000. Rivian’s softer trend to production and possibly deliveries “could endanger the company’s still growth stock multiple,” the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RIVN:
- Charged: Analyst forecasts earnings beat for Tesla ahead of results
- Rivian Automotive price target lowered to $14 from $15 at RBC Capital
- Election 2024: Where To Put Your Money Ahead of the Vote
- ‘Hold Your Horses,’ Says Barclays About Rivian Stock
- Rivian (NASDAQ:RIVN) Shares Rise after Renaissance Capital Boosts Stake