Rivian Automotive price target lowered to $18 from $20 at Baird

Baird lowered the firm’s price target on Rivian Automotive (RIVN) to $18 from $20 and keeps an Outperform rating on the shares. The firm said Q3 results missed estimates for most key metrics with adjusted EBITDA outlook for the full year lowered. The reduced outlook is largely a function of the company’s previously lowered production outlook which will limit the ability to leverage fixed costs.