Is Rivian Stock a Buy After Today's Big Drop?
Rivian Automotive (NASDAQ: RIVN) stock has been plunging to start the new year. Shares are down nearly 30% just in the first two weeks of 2024. Some analysts think it's because the year will be a challenging one for the electric vehicle (EV) start-up.
Shares continued to slide today after a team of analysts at Deutsche Bank downgraded Rivian shares and significantly lowered the firm's price target. Longer-term investors may be wondering whether the recent decline offers a good opportunity to buy Rivian stock. Shares were down by 5.4% at 11:20 a.m. ET today.
The analysts think Rivian will produce only about 65,000 vehicles this year. That would represent an increase of only 13.6% over 2023's production of about 57,000 units. Rivian won't provide an estimate for investors until it reports its fourth-quarter and full-year 2023 results on Feb. 21.
Source Fool.com
