Needham analyst Chris Pierce lowered the firm’s price target on Rivian Automotive to $18 from $22 but keeps a Buy rating on the shares after its Q4 and outlook. The firm maintains its view that Rivian will be a winner in the internal-combustion-engine to EV transition given consistent evidence that its vehicles are resonating well with end-users, but the R1 bridge to the 2026 launch of the addressable market-expanding R2 vehicle looks less sturdy on increased demand concerns, the analyst tells investors in a research note.
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