Rivian price target lowered to $13 from $14 at TD Cowen

TD Cowen lowered the firm’s price target on Rivian (RIVN) to $13 from $14 and keeps a Hold rating on the shares. The firm said the Q2 EBITDA miss/guide-down confirmed worse-than-expected near-term impacts from known industry headwinds, but without a meaningful read to Rivian’s medium-term earnings power.