UBS downgraded Rivian (RIVN) to Sell from Neutral with a price target of $15, up from $13. The firm cites “elevated expectations” for the downgrade. Rivian shares are “prone to sentiment swings” and the stock is up 15% since the company’s autonomy and AI day on December 11, the analyst tells investors in a research note. However, UBS believes most of Rivian’s AI related news is out. It also thinks expectations may be too high for the R2 launch.
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