Rivian Automotive price target lowered to $12 from $14 at RBC Capital

RBC Capital analyst Tom Narayan lowered the firm’s price target on Rivian Automotive (RIVN) to $12 from $14 and keeps a Sector Perform rating on the shares after its wider than expected Q3 loss. Thanks in large part to $275M in regulatory credits coming entirely in Q4, it is now almost a certainty that Rivian will hit its gross profit positive target, though the firm is concerned about what happens to R1 consumer demand if Trump removes the $7,500 IRA lease credit, the analyst tells investors in a research note.