What's Going On With Rivian Stock Ahead Of Earnings?
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower ahead of its Q4 earnings report. The company announced expansion into Europe and the unveiling of a new SUV, the R2. Barclays analyst Dan Levy downgraded Rivian's stock from Overweight to Equal-Weight with a price target reduction from $25 to $16, citing a slowdown in the EV market. Rivian is expected to report a loss of $1.32 per share and revenue of $1.262 billion. Analysts have mixed ratings on RIVN, with an average 12-month price target of $20.14.
February 20, 2024 | 7:12 pm
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Rivian's stock is trading lower ahead of its Q4 earnings, with expansion plans in Europe and a new SUV announcement. Barclays downgraded the stock, and analysts have mixed ratings with an average price target of $20.14.
The short-term impact on RIVN is likely negative due to the recent downgrade by Barclays and the current trading lower ahead of its earnings report. However, the expansion into Europe and the announcement of a new SUV could provide positive momentum in the longer term. The mixed analyst ratings indicate uncertainty, but the average price target suggests potential upside.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100