EV maker Rivian slips as Morgan Stanley downgrades to 'underweight'

EV maker Rivian Automotive's RIVN.O shares fall 3.5% to $17.33 premarket

Morgan Stanley downgrades to "underweight" from "equalweight"

Brokerage says it expects U.S. EV volumes to fall ~20% YoY, signalling a demand slowdown for battery EVs

"Meaningful progress towards passenger-vehicle autonomy (full self-driving or FSD-equivalent) may offset EV headwinds over time" - Morgan Stanley

Average rating of 30 analysts is "hold," their median PT is $14 - data compiled by LSEG

Up to last close, stock has risen ~35% this year