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Benzinga

Business

Shivani Kumaresan

Barclays More Than Halves Rivian Automotive's Price Target - Read Why

Rivian Barclays RIVN Brian Johnson Rivian Automotive Inc Russia Tesla Inc.

Barclays analyst Brian Johnson lowered the price target Rivian Automotive Inc (NASDAQ:RIVN) to $47 (15% upside) from $115 and kept an Equal Weight rating on the shares heading into the company's earnings. The analyst saw a 10.77% upside for the company.
Johnson noted Rivian recently indicated it would honor original pricing on pre-existing orders despite costs for components and materials having risen "considerably" since the company originally set its pricing structure.
The analyst believes the planned price increase was baked into investor expectations and the rollback of price increase leads him to cut selling price and margin assumptions through 2023.
Related: Why Tesla, Rivals Could Find It Tough To Launch Affordable EVs If Russia-Ukraine War Keeps Raging
Price Action: RIVN shares are trading lower by 0.99% at $42.01 on the last check Tuesday.

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