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Benzinga

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Rachit Vats

Morgan Stanley Cuts Rivian Price Target: EV Maker Needs To Restore Confidence It Can Be 'The One' To Challenge Tesla

Rivian Morgan Stanley Adam Jonas Nasdaq Rivian Automotive Inc Tesla Inc.

Rivian Automotive Inc (NASDAQ:RIVN) is facing a new reality after its blockbuster listing last year and needs to ‘pace itself’ in the near term to be able to reinforce confidence that it has the potential to be "the one" that can challenge Tesla Inc (NASDAQ:TSLA) in the long run, according to Morgan Stanley analyst Adam Jonas.

The Rivian Analyst: Jonas has maintained an ‘overweight’ rating on Rivian but slashed the price target from $85 to $60. The electric vehicle startup’s shares closed at $24.8 on Monday.

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