Mizuho analyst Vijay Rakesh became little less bullish on electric vehicle makers Tesla Inc. TSLA, -0.32%, Rivian Automotive Inc. RIVN, -3.59% and China-based NIO Inc. NIO, -4.69% on Monday, citing the negative effects of continued COVID-19-related Shanghai shutdowns and supply chain constraints.
Although Rakesh reiterated his buy ratings on all three EV makers, he cut his stock price targets on Tesla to $1,150 to $1,300, on Rivian to $70 from $80 and on NIO to $48 from $55. Rakesh also slashed his June quarter deliveries estimate to 232,000 from approximately 296,000 and his calendar-2022 estimate to 1.25 million from 1.40 million. June-quarter delivery estimates for Rivian were cut to 3,900 from 4,200 and for NIO to 23,000 from 24,000. The cuts didn’t weigh on the companies’ stocks in Monday’s premarket, however, as Tesla rallied 1.9%, Rivian rose 1.5% and NIO tacked on 1.3%, while futures ES00, -0.15% for the S&P 500 SPX, -0.30% edged up 0.5%.