Baird downgraded Rivian Automotive to Neutral from Outperform with a price target of $16, down from $18. The firm sees the landscape for both electric vehicles and renewables as more challenging in the near future due to uncertainty regarding the Inflation Reduction Act and growth in 2025. Baird sees a “fast changing geopolitical landscape” following the U.S. election. Rivian has few catalysts in 2025 and the shares will “languish with EV sales,” the analyst tells investors in a research note.
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