Wells Fargo analyst Colin Langan lowered the firm’s price target on Rivian Automotive to $18 from $32 and keeps an Equal Weight rating on the shares. Wells is updating its estimates ahead of the company’s upcoming earnings on February 28, lowering its 2023 delivery forecast to 63K from 79K to better reflect Q1 downtime, and also lowering its 2024-26 delivery estimates to reflect normal capacity limits and the delay of initial production. The firm believes cash preservation will remain a focus, and sees a capital raise to accelerate battery plans.
Published first on TheFly
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