RBC Capital provided their Q3 outlook on Rivian Automotive, Inc. (NASDAQ:RIVN). Near-term encouraging activity gives the analysts more confidence in Q4/22 ramp, but they lower their 2023 estimates on some changeover factors. Their price target moved to $62 from $75, while the outperform rating was maintained.

The analysts lowered their Q3 production forecast to 8,500 from 8,650. For deliveries, the analysts now forecast 7,200 from 7,800 prior and more in line with Visible Alpha consensus of 7,100.

Despite positive near-term developments, the analysts lowered their 2023 production forecast to 63,500 from 82,500.