These Analysts Cut Their Forecasts On Rivian Automotive After Q4 Loss

Rivian Automotive, Inc. RIVN reported a wider-than-expected loss for its fourth quarter and announced plans to reduce its salaried workforce by around 10% to help further improve costs.

Rivian reported fourth-quarter revenue of $1.32 billion, which beat a Street consensus estimate of $1.26 billion, according to data from Benzinga Pro. The company reported a loss of $1.36 per share, which missed a Street estimate of a loss of $1.32 per share.

The company said it sees production of 57,000 vehicles in 2024. It sees adjusted EBITDA of a loss of $2.7 billion for 2024.

"We made great progress in 2023 despite economic headwinds, and we're excited about the year ahead. We firmly believe in the full electrification of the automotive industry but recognize in the short-term, the challenging macro-economic conditions," Rivian CEO RJ Scaringe said.

Rivian Automotive shares fell 25.2% to trade at $11.52 on Thursday.

These analysts made changes to their price targets on Rivian Automotive after the company reported quarterly results.

• Needham cut the price target on Rivian Automotive from $22 to $18. Needham analyst Chris Pierce maintained a Buy rating.
• B of A Securities slashed the price target on Rivian Automotive from $40 to $25. B of A Securities analyst John Murphy maintained a Buy rating.
• DA Davidson lowered the price target on Rivian Automotive from $19 to $17. DA Davidson analyst Michael Shlisky maintained a Neutral rating.

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