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Production issues at its Normal, Illinois, plant caused by Covid-19 had impacted its ability to achieve targets for 2021, while Rivian paused production for a week to improve processes, according to Bloomberg’s Edward Ludlow.
Rivian shares are currently up 7% after initially jumping 14% on the back of the report.
Before the opening bell, analysts at JPMorgan trimmed their price target on Rivian to $84 from $104, keeping a neutral rating. JPM analyst Ryan Brinkman lowered his expectation for the company’s fourth quarter builds to 800 from 900. However, he explained it has no impact on his valuation.
