Rivian price target lowered to $14 from $16 at Needham

Needham analyst Chris Pierce lowered the firm’s price target on Rivian (RIVN) to $14 from $16 and keeps a Buy rating on the shares after its Q2 earnings miss and to reflect a more conservative near-term demand outlook. The firm “acknowledges” the near-term macro and policy headwinds, but continues to view Rivian as a structurally advantaged, cash rich EV pure-play with a differentiated brand, vertical integration, and a significantly improved cost structure on the upcoming R2 platform that positions the company for accelerated margin expansion and volume growth, the analyst tells investors in a research note.