Rivian (NASDAQ: RIVN) has been perhaps the most successful of the wave of electric vehicle (EV) start-ups that went public earlier in the decade. But it isn't immune from the broader market forces that have slowed the growth of EV sales and put pressure on EV makers.

Those forces led a Mizuho Financial Group analyst to cut the bank's rating on Rivian to "neutral" from "buy" on Sunday and to cut its price target on the stock as well.

While Mizuho analyst Vijay Rakesh thinks that widespread EV adoption is still likely in the long term, there are near-term concerns about consumer demand -- and with companies like Rivian, which isn't yet profitable, about the rising cost of funding. Rakesh wrote that the bank's team now sees overall EV sales growth rising just 15% year over year in 2024, down from 25% in their earlier forecast.

Continue reading

Source Fool.com