Rivian Automotive price target raised to $13 from $12 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Rivian Automotive (RIVN) to $13 from $12 and keeps a Neutral rating on the shares. While the firm lowered its Q5-Q8 revenue estimates for Rivian, reflecting the challenging industry backdrop for EVs, it raised its target multiple, reflecting higher market multiples, driving its increased price target