Rivian Automotive (RIVN) needs to successfully battle macro headwinds affecting the electric vehicle landscape after the removal of EV tax credits, Wedbush Securities said in a note Wednesday.
The brokerage noted that 2025 delivery guidance was cut as Rivian plans a three-week shutdown of its consumer and commercial manufacturing lines in Normal, Illinois, to prepare for the launch of its R2 in H1 while facing evolving trade regulation, policies and tariffs.
Wedbush said it continues to see the company's long-term vision positively amid "improving autonomous capabilities" that is gaining traction among its customers.
The firm said it looks forward to the company's "Autonomy & AI Day" on Dec. 11, when Rivian is expected to discuss its autonomous vision and tech roadmap.
Wedbush maintained the company's outperform rating and $16 price target.
Rivian shares were up 14% in recent trading.
Price: 14.24, Change: +1.74, Percent Change: +13.88