rivian automotive inc’s shares are in the midst of a redhot rally that’s lifted them 66 over the past month alone and the stock’s momentum has one analyst taking a more cautious stance cantor fitzgerald’s andres sheppard downgraded rivian shares rivn to neutral from overweight tuesday citing concerns about valuation and noting that shares have risen 49 on a yeartodate basis rivian’s stock “now appears properly valued and thus we are becoming more conservative in the short term” he wrote the downgrade comes even as sheppard lifted his price target on rivian shares to 29 from 27 and raised various estimates including for 2023 revenue he now expects the company to rake in 387 billion on the top line this year whereas he previously forecast 380 billion see also rivian’s ev sales are ‘ramping well’ analyst says rivian is due to post secondquarter earnings aug 8 after the closing bell and sheppard will be watching for commentary on average selling prices gross margins cost savings and the company’s arrangement with amazoncom inc amzn “while rivian appears to be ending its exclusivity with amazon” the ecommerce giant “remains the largest shareholder with an 17 stake currently and the electric delivery vans edvs agreement is expected by management to account for 20 of revenue this year similar levels to last year” sheppard wrote the company already posted overall secondquarter delivery and production numbers that vastly exceeded what sheppard had been modeling see also nio’s july deliveries double but stock set to snap long winning streak