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Rivian Stock Eyes 4-Month Lows After Downgrade
RIVNRivian Automotive(RIVN) Schaeffers Investment Research·2024-09-25 15:20

Rivian Automotive (NASDAQ:RIVN) stock is down 5.4% to trade at 11.19today,aftertheU.S.−basedelectricvehiclenamewasdowngradedto"equal−weight"from"overweight"atMorganStanley.Theanalystincoveragealsotrimmeditspricetargetto11.19 today, after the U.S.-based electric vehicle name was downgraded to "equal-weight" from "overweight" at Morgan Stanley. The analyst in coverage also trimmed its price target to 13 from 16,expressinguncertaintyoverachievingpositivefreecashflowinthenextfiveyears. Theprice−targetcutisespeciallynotable,consideringRIVN′sconsensus12−monthpricetargetof16, expressing uncertainty over achieving positive free cash flow in the next five years. The price-target cut is especially notable, considering RIVN's consensus 12-month price target of 17.68 is a 58% premium from its current perch. And for a stock dow ...