Rivian Automotive price target lowered to $12 from $16 at Truist

Truist lowered the firm’s price target on Rivian Automotive to $12 from $16 and keeps a Hold rating on the shares as part of a broader research note previewing Q3 results among Alternative Energy / Mobility names. The inherent challenges associated with scaling a EV manufacturing platform once again reared its head during Q3 as the company reported quarterly delivery/production actuals below estimates amid a “supplier issue”, the analyst tells investors in a research note. With a lack of visibility into the timeline/resolution of this issue and the updated guidance however, Rivian must prove to investors that it can profitably produce its vehicles on a sustainable basis, the firm added.