Jefferies downgraded Rivian (RIVN) to Hold from Buy with an unchanged $16 price target The company’s Q1 results were helped by the new accounting of previously received funds, but the management also demonstrated further progress in driving down R1 variable unit costs, the analyst tells investors in a research note. The firm remains positive on Rivian’s investment story but also cautious on the downbeat demand outlook this year as it waits for updates on R2 progress, Jefferies added.
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