09:25 AM EDT, 04/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month price target to $8 from $10, comparable to the EV peer average. We increase our 2024 adjusted EPS estimate to -$3.65 from -$3.75, but leave 2025 unchanged at -$3.00. RIVN posted Q1 vehicle deliveries of 13,588 units, ahead of our estimate of 12,000 and consensus of 11,893, but down from 13,972 in Q4. Production totaled 13,980 units, down from 17,541 in Q4. The release indicates that RIVN's net sales likely declined from Q4 to Q1. We remain at a Sell on RIVN as we believe the company has serious demand issues and lacks the scale needed to compete with larger automakers. While the rollout of the R2 in early March raised hopes, the problem is its ongoing cash burn and the lack of scale needed to drive down unit costs between now and when the vehicle is expected to go on sale in 2026, noting that RIVN's cost of goods sold per vehicle was over $137K in Q4. We see the company's struggles continuing over the next several quarters. RIVN will release Q1 earnings on May 7.