shares of rivian automotive inc rivn dropped 08 in premaket trading thursday after the lone wall street bear started coverage of the electric truck and suv maker by recommending investors sell analyst michael shlisky at da davidson initiated rivian at underperform with a stock price target of 24 which implies about 21 downside from wednesdays closing price of 3025 shlisky is the only one of the 18 analysts surveyed by factset to be bearish on rivian he said that while rivians highperformance and featurerich vehicles may be able to justify their premium pricing nearterm challenges and growing pains are of concern like most ev startups there have been bumps in the road while we loved the truck we tested we are worried that negative headlines will outnumber the positives in the months to come shlisky wrote in a note to clients hes also concerned that rivians plan to enter lowerpriced categories could bring confusion on the meaning of the brand to the highend customers the stock has plummeted 708 year to date through wednesday while ev market leader tesla incs stock tsla has shed 299 and the sp 500 spx has declined 140