Hyperdrive
Rivian’s $117 Billion Wipeout Turns Sell-Side Fans Into Skeptics
- At least four analysts slashed their price targets this month
- EV startup needs to build its credibility, analysts said
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Wall Street’s embrace of Rivian Automotive Inc., last year’s electric-vehicle startup darling, is waning already as the company has lost about $117 billion in market value in just four months.
Analysts are paring back their expectations for this once-hyped stock ahead of Rivian’s fourth-quarter results, which are due after the market close on Thursday. At least four analysts have lowered their price targets this month by an average of 40%, according to Bloomberg data.