Rivian Automotive Inc. is experiencing significant challenges reflected in a downgraded stock rating by Piper Sandler from Buy to Hold, along with a reduced price target of $13. The company's stock has suffered an 18% decline this year, compounded by production issues and a lack of market traction. Rivian produced and delivered fewer vehicles than anticipated and is forecasting substantial EBITDA losses as it struggles to establish itself in a competitive EV market, where rising demand for lower-priced vehicles complicates its strategy.
Piper Sandler's Alexander Potter lowered his rating on Rivian to Hold from Buy, cutting the price target from $16 to $13 amidst poor stock performance.
Despite Rivian's production goals of 46,000 to 51,000 vehicles in 2024, the company faces significant challenges with expected adjusted EBITDA losses reaching up to $1.9 billion.
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