Stifel analyst Stephen Gengaro lowered the firm’s price target on Rivian Automotive (RIVN) to $16 from $18 and keeps a Buy rating on the shares. While near-term headwinds persist, the firm believes Rivian is “making solid progress toward several key milestones,” including positive gross profit in Q4, positive gross profit in 2025, and launching the critical R2. The firm, which believes Rivian has sufficient liquidity to fund operations through the launch of R2, believes “the story is intact,” the analyst tells investors.
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