DA Davidson upgraded Rivian (RIVN) to Neutral from Underperform with an unchanged price target of $14. The firm cites valuation for the upgrade following the stock’s recent selloff. Much of the recent pullback is related to a “mixed-at-best investor reaction” to the pricing of early R2 trims, which is 55% higher than expected for some consumers, the analyst tells investors in a research note. DA believes this “not-insignificant gap” is one of the risks Rivian faces in delivering 20,000-25,000 R2 units this year.
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