Baird lowered the firm’s price target on Rivian Automotive (RIVN) to $18 from $20 and keeps an Outperform rating on the shares. The firm said Q3 results missed estimates for most key metrics with adjusted EBITDA outlook for the full year lowered. The reduced outlook is largely a function of the company’s previously lowered production outlook which will limit the ability to leverage fixed costs.
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Read More on RIVN:
- Rivian Automotive downgraded to Neutral at BofA on regulatory credit risk
- Rivian Automotive downgraded to Neutral from Buy at BofA
- Rivian’s Q3 2024 Results and Future Outlook
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- Rivian Automotive reports Q3 EPS ($1.44) , consensus (92c)
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