The firm said the stock has limited catalysts in the near term.
It's time to step to the sidelines on Rivian Automotive , according to RBC Capital Markets. Analyst Tom Narayan downgraded Rivian to sector perform from outperform, saying the once-hot electric vehicle stock has limited catalysts in the near term.
line Rivian stock movement Rivian made one of the biggest public debuts in November 2021 when its implied valuation of $86 billion pushed the electric vehicle maker past the market cap of Ford. Today, however, Rivian's market cap stands at roughly $12.4 billion. The stock is down 27% this year, and tumbled 82% in 2022, as rising interest rates and surging inflation soured investors on the prospects of start-ups.
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