Rivian price target lowered to $21 from $23 at Canaccord

Canaccord analyst George Gianarikas lowered the firm’s price target on Rivian (RIVN) to $21 from $23 and keeps a Buy rating on the shares. The firm noted the company lowered EBITDA guidance but the positives are that Reg credits are now gone, and earnings revisions may soon be nearing bottom. R2 is coming soon, and later this year management will be hosting an AI day to detail their approach to the age of autonomy.