Mizuho Analyst Downgrades Rivian Stock Ahead of Earnings Amid EV Demand Concerns
Rivian Automotive faces a bearish outlook as Mizuho Securities analyst Vijay Rakesh downgrades the stock to Underperform, slashing the price target to $10 from $14. The adjustment reflects a projected 23% downside, driven by slowing EV demand and the expiration of U.S. government incentives. Rakesh, ranked among the top 1% of analysts tracked by TipRanks, warns that Rivian's ambitious 69% year-over-year delivery growth target appears untenable in a stagnant North American EV market.
The analyst highlights broader industry headwinds, including the phase-out of Inflation Reduction Act credits, which could elevate consumer costs and mirror challenges faced by legacy automakers like General Motors. With Rivian's Q3 earnings report due November 4, the downgrade signals institutional skepticism about the company's near-term growth trajectory in an increasingly competitive landscape.
