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Analyst: Rivian Automotive Stock Facing "Demand Pressure"

Shares of electric vehicle (EV) giant Rivian Automotive Inc (NASDAQ:RIVN) are off by 4% to trade at 16.20,afterabearnotefromBarclays.TheanalystdowngradedRIVNto"equalweight"from"overweight"andcutitspricetargetby16.20, after a bear note from Barclays. The analyst downgraded RIVN to "equal weight" from "overweight" and cut its price target by 9 to $16, citing demand softness and saying that the company's products and tech, although great, are "not enough to avoid increased signs of demand pressure amid broader EV slowdown." RIVN has started the year off with four-straight weekly losses and a 29% year-to-date deficit ...