Morgan Stanley reiterated an Underweight rating and $12 price target on Rivian (RIVN) after the company announced a 31% year-over-year decline Q4 deliveries. All eyes are now on Q4 earnings and 2026 guidance, particularly the R2 ramp, and the firm maintains its cautious view on demand in 2026 following the expiration of the EV tax credit and the evolving tech hardware roadmap, the analyst tells investors in a research note. The firm added that the introduction of LiDAR in late 2026 for advanced levels of autonomy may yield a demand air-pocket for most of 2026 as customers wait for Rivian’s latest gen tech platform.
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