Wolfe Research downgraded Rivian (RIVN) to Underperform from Peer Perform with a $16 price target The risk/reward appears unfavorable at current levels, as Rivian’s fundamentals have weakened despite recent share gains driven by autonomy enthusiasm, with 2026 Street expectations viewed as overly optimistic, the analyst tells investors in a research note. Higher EBITDA losses, increased free cash flow burn, potential R2 demand risk, and limited near-term autonomy catalysts point to downside risk, the firm says.
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