'One Step Forward, Two Steps Back': Wedbush Lowers Rivian Estimates On Management Missteps
Portfolio Pulse from Adam Eckert
Wedbush has lowered its price target for Rivian Automotive Inc (NASDAQ:RIVN) from $32 to $25 due to concerns about management following a $1.5 billion convertible debt offering. The offering led to a significant selloff in shares and raised questions about the timing of the announcement. Despite this, Wedbush maintains an Outperform rating for Rivian, but warns that another misstep could be detrimental for investor confidence.
October 09, 2023 | 3:50 pm
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Rivian's stock price may be negatively impacted in the short term due to Wedbush's lowered price target and concerns about management. However, the Outperform rating suggests potential for recovery.
The lowered price target and concerns about management missteps could lead to a decrease in Rivian's stock price in the short term. However, the maintained Outperform rating suggests that Wedbush still sees potential in the company, which could lead to a recovery in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100