Rivian price target lowered to $12 from $13 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Rivian (RIVN) to $12 from $13 and keeps an Equal Weight rating on the shares. While the firm believes Rivian “can play a role in AI-enabled autonomy,” it remains cautious on the tough demand backdrop for EVs and capital requirements to participate in “the robotization of autos,” the analyst tells investors. Rivian’s relationship with Volkswagen (VWAGY) “reduces stock volatility but potentially the opportunity,” the analyst added.