Rivian reinstated with an Underperform at BofA

BofA reinstated coverage of Rivian (RIVN) with an Underperform rating and $14 price target The firm expects more muted adoption of electric vehicles, which could restrain near-term profit improvements given an unfavorable regulatory backdrop, the analyst tells investors. Even in a more favorable regulatory backdrop, consumer adoption of EVs had been slower than expected in the U.S. given concerns on affordability, range anxiety, charging infrastructure, the analyst added.