Rivian Stock Has Another 20% Downside, According to 1 Wall Street Analyst
Rivian Automotive (NASDAQ: RIVN) failed to impress investors hoping to hear about a surge in production and sales for the EV maker in 2024. In fact, Rivian told investors in its recent fourth-quarter and full-year report that it doesn't expect any growth at all in 2024.
That led UBS analyst Joseph Spak to double downgrade the stock from buy to sell last Friday. Spak also slashed his firm's price target from $24 to a Wall Street-low $8 per share. That would represent a 66% drop in the target price and a more than 20% decline from Friday's closing price. And that's after the stock already tanked on the news.
Rivian says it expects 2024 production to stall at the 2023 level. That had investors selling the stock in droves.
Source Fool.com