Rivian price target lowered to $14 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on Rivian (RIVN) to $14 from $15 and keeps a Neutral rating on the shares. The firm notes that Rivian is still one of its favorite companies, but says it is unsurprised by the after-hours weakness following Q2 results. As a long-term investment, Piper prefers Rivian over any “old school” automaker. However, the EV demand outlook is even cloudier than normal, and due to policy changes, Rivian can no longer rely on selling regulatory credits at 100% margin.