Cantor Fitzgerald analyst Andres Sheppard reiterated a Neutral rating on Rivian Automotive Inc (NASDAQ: RIVN).
“We continue to believe that RIVN benefits from a commercial partnership with Amazon, a strategic joint venture with Volkswagen, and a differentiated product offering.
We are encouraged by the company’s second consecutive positive gross profit, (albeit Q1 was driven primarily by the sale of regulatory credits), and by management’s higher emphasis on autonomy.
However, we are discouraged by the company’s FY25 delivery guidance revision to 40,000 – 46,000 vehicles (vs. prior 46,000 – 51,000), which is lower than FY24 deliveries, and its increase in capex guidance for the year.
Overall, we remain Neutral in the near term, driven by lower delivery expectations, worsening macro conditions, tariffs uncertainty, the likely removal of the $7,500 EV Tax Credit, and uncertainty regarding the company’s autonomy and charging segments (which have yet to be quantified by management).”
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Tracking this call
Firm track recordCantor: 81% of its 16 targets at least a year old were reached within 12 months (#10 of 20 firms); on Rivian, 4 of 4. Accuracy ranking →
