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Analysts wrote in a note, “Shares of RIVN have continued to face pressure down 25% YTD vs. S&P 500 +8% as investors increasingly question the capital requirements and more recently, demand outlook for both the company and EVs as a whole. Into the print, we’d expect RIVN to maintain its prior 50k FY23 production target & will look for the company to provide a more qualitative demand update given RIVN no longer reports order book #s. We remain bullish on RIVN’s LT technological/market advantages, while we reduce our PT to $28 from $44 to reflect a more moderate growth cadence.”
They adjusted estimates to reflect RIVN’s reported 1Q deliveries driving higher 1Q revenue forecasts, while reducing FY23 revenue estimates resulting from lower assumed production/delivery numbers for the year. Truist now estimates that Rivian will report 1Q revenues of $680M (up from $627M prior), ahead of the Street’s $661M estimate. Full year 2023 revenues are expected to be $3.97B (vs. $4.36B prior), below the Street’s $4.10B estimate.
Shares of RIVN are down 2.38% in pre-market trading on Tuesday.
