(Bloomberg) — 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.
Most Read from Bloomberg
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.
The cuts come amid concerns that the war in Ukraine will further exacerbate the intense supply-chain problems that plagued the auto industry last year.
“With investors increasingly concerned about Rivian’s production ramp combined with its inability to combat cost inflation with price increases, we have trimmed our price target to $47 from $115,” Barclays analyst Brian…
