Jefferies downgrades Rivian citing demand concerns

Brokerage Jefferies downgrades EV maker Rivian RIVN.O to "hold" from "buy", PT unchanged at $16

Jefferies says Rivian's Q1 results were better than expected, partly due to a new accounting treatment for previously received funds from a joint venture with VW VOWG.DE

Brokerage sees upside to RIVN's brand and software capabilities, but is waiting for updates on the company's R2 program and potential partnerships with other companies

Jefferies revises FY revenue estimates for RIVN due to rising capital expenditure, weak demand outlook for this year and lower production of units

As of last close, RIVN stock up 11.8% YTD