Rivian's fairly in-line results have not cut ice with investors, with a fund manager blaming the negative sentiment on a wider-than-expected free cash flow loss.
Future Fund's Gary Black expressed optimism about Rivian in 2021, even at a $70 billion market cap, expecting them to produce 150,000 EVs annually by 2024 with $10 billion in revenue.
The analyst lowered the 2024 adjusted EPS estimate below the consensus of $3.82, despite having the second-highest price target among 50 analysts covering Tesla.
Wall Street analysts, as per a Tesla-compiled consensus estimate, project 480,500 units for the fourth quarter, notes Future Fund co-founder Gary Black.