- Barclays analyst Brian Johnson lowered the price target Rivian Automotive Inc (NASDAQ:RIVN) to $47 (15% upside) from $115 and kept an Equal Weight rating on the shares heading into the company's earnings. The analyst saw a 10.77% upside for the company.
- Johnson noted Rivian recently indicated it would honor original pricing on pre-existing orders despite costs for components and materials having risen "considerably" since the company originally set its pricing structure.
- The analyst believes the planned price increase was baked into investor expectations and the rollback of price increase leads him to cut selling price and margin assumptions through 2023.
- Related: Why Tesla, Rivals Could Find It Tough To Launch Affordable EVs If Russia-Ukraine War Keeps Raging
- Price Action: RIVN shares are trading lower by 0.99% at $42.01 on the last check Tuesday.
