Jefferies Raises Rivian’s Price Target to $15, Keeps Hold Rating

Jefferies analyst Owen Paterson raised the price target on Rivian to $15.00 (from $14.00) while maintaining a Hold rating.

“Q4 delivered further “on-time” and “on-budget” progress towards the launch of R2.

Liquidity remains more than comfortable to fund capex and construction of the Georgia facility, but leverage may soon become a challenge as net liquidity turns -ve by YE (JEFe $2.3bn).

Market conditions (growth, pricing, CC days) do not support a Tesla-like de-leveraging.

We cut estimates on slower volume but stay HOLD with $15 PT, given options available and operating progress”

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