{"id":6177,"date":"2023-05-09T07:40:00","date_gmt":"2023-05-09T11:40:00","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wells-fargo-cuts-estimates-on-rivian-ahead-of-1q-release-tuesday\/"},"modified":"2023-05-09T07:40:00","modified_gmt":"2023-05-09T11:40:00","slug":"wells-fargo-cuts-estimates-on-rivian-ahead-of-1q-release-tuesday","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6177","title":{"rendered":"Wells Fargo cuts estimates on Rivian ahead of 1Q release Tuesday"},"content":{"rendered":"
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\u00a9 Reuters. Wells Fargo cuts estimates on Rivian (RIVN) ahead of 1Q release Tuesday<\/span>
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Wells Fargo reiterated an Equal Weight rating on Rivian Automotive <\/span><\/span> (NASDAQ:) and cut their price target on the stock to $14.00 (From $18.00) ahead of the company\u2019s 1Q earnings release. The\u00a0electric vehicle maker is scheduled to report results after the closing bell on Tuesday.<\/p>\n

Wells Fargo analysts wrote in a note, \u201cWe are updating our estimates to reflect updated Q1 deliveries & the debt issuance. Q1 deliveries of 7,946 outperformed our 7,010 estimate; therefore, we are lowering our EPS est. given current negative margins. We remain slightly worse than RIVN’s adj EBITDA guide of -$4.3B, at -$4.5B, and we hold our 50K delivery forecast, in-line with guide though below the 62K internal target reported by the media.\u201d<\/p>\n

Wells Fargo cut FY23 EPS estimates from -$5.90 to -$6.00 to reflect negative contribution on higher Q1 unit output. They also cut FY24 estimates from -$5.60 to -$5.65, FY25 from -$5.75 to -$5.80, FY26 from -$5.25 to -$5.30 and FY27 from -$4.10 to -$4.15 to reflect higher interest expense on recent $1.3B Green bond issuance.<\/p>\n

RIVN issued $1.3B in green convertible bonds in March, bringing their cash balance to >$12B after burning through $6.4B in 2022.<\/p>\n

Shares of RIVN are up 0.45% in pre-market trading on Monday.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Wells Fargo cuts estimates on Rivian (RIVN) ahead of 1Q release Tuesday Wells Fargo reiterated an Equal Weight rating on Rivian Automotive (NASDAQ:) and cut their price target on the stock to $14.00 (From $18.00) ahead of the company\u2019s 1Q earnings release. The\u00a0electric vehicle maker is scheduled to report results after the closing […]<\/p>\n","protected":false},"author":1,"featured_media":4865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-6177","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWells Fargo cuts estimates on Rivian ahead of 1Q release Tuesday | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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