DA Davidson keeps a Neutral rating and $13 price target on Rivian Automotive (RIVN) ahead of its Q3 results next week, though the firm is also reducing its FY24 revenue view to $4.73B from $5.0B. The update accounts for the production shortfall risk vs. expectations in Q3 and the potential effect the ongoing supply-chain issue on Q4, though the company’s Scout product revealed last week has more range and a lower price than R1, the analyst tells investors in a research note.
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