"Barclays Downgrades Rivian Stock Amid EV Market Concerns"
Barclays analyst Dan Levy downgraded Rivian's stock to equal weight from overweight, citing softened demand for its R1S sport-utility vehicle and potential pricing risks, indicating that the company may struggle to meet its 2024 target of reaching gross margin profitability. Levy sees "significant" consequences of sluggish demand and ongoing capital needs, leading to a lowered price target of $16 from $25. Despite serving a niche market and having passionate fans, Rivian may not be able to escape broader EV market pressures.