By Sam Boughedda
Investing.com -- Rivian Automotive Inc's (NASDAQ:RIVN) shares rose 2% despite a price target cut by Mizuho Securities on Thursday.
Mizuho cut to $95 from $100. However, analyst Vijay Rakesh kept a buy rating on the stock, telling investors in a note that supply constraints and delivery efforts could improve in the second half of the year.
Rakesh added that they believe improvements to supply constraints could be weighted to the second half of the year, while they see the March quarter deliveries "ramping but still slow" with global supply chain constraints being impacted by disruptions in Europe, and earthquakes in Japan, leading to ramps being pushed out to the June quarter.
The analyst also adjusted first and second half delivery estimates while noting that "75-80% of US auto sales are pickup trucks and SUVs, and RIVN's R1S/R1T portfolio positions the company well."