RIVN Stock Alert: RBC Just Slashed Its Rivian Price Target in Half


  • Rivian Automotive (RIVN) stock is slipping after a price cut from RBC Capital Markets.
  • The firm cut its price target to $14 per share.
  • It also downgraded RIVN stock to a “sector perform” rating.
RIVN Stock - RIVN Stock Alert: RBC Just Slashed Its Rivian Price Target in Half

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Rivian Automotive (NASDAQ:RIVN) stock is a hot topic on Wednesday after getting its price target cut in half by RBC Capital Markets.

In a note to clients, analysts at RBC cut the price target for RIVN stock from $28 per share to $14 per share. That means it only sees a potential upside of about 4.3% over its closing price on Tuesday. Also, that’s well below the analyst consensus price target of $29.30 per share.

To go along with that price target cut, RBC Capital Markets also reduced its rating for RIVN stock. It dropped shares from an “outperform” rating to a “sector perform” rating. For comparison, the analyst consensus rating for RBC is a “moderate buy” based on 20 opinions.

What’s Behind the RIVN Stock Price Cut?

Analysts at RBC Capital Markets have concerns about the near-term performance of RIVN stock. Among that are beliefs that the company doesn’t have enough catalysts to ensure profitability for some time.

It’s worth pointing out that the RBC analysts are still positive on RIVN stock long-term. However, it’s rating today suggests it could be some time before that optimistic outlook comes true.

Trading of RIVN stock is light today with some 7 million shares on the move. To put that in perspective, the company’s daily average trading volume is about 30.9 million shares. Also, RIVN stock is down 4.6% as of Wednesday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/04/rivn-stock-alert-rbc-just-slashed-its-rivian-price-target-in-half/.

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