Last week, George Gianarikas of Canaccord Genuity shaved $2 per share off his fair value assessment of Rivian stock, for a new level of $28 per share. He maintained his buy recommendation despite the reduction, as even at that lower target the EV manufacturer still has the potential to leap nearly threefold in price.

After a blockbuster IPO in late 2021, shares of electric vehicle (EV) manufacturer Rivian (RIVN) have trailed the broader markets by a wide margin. Valued at a market cap of $10.37 billion, RIVN stock currently trades 94% below its record high.

However, the company surprisingly reduced its full-year production guidance, citing a shortage of a shared component on the R1 and RCV platforms. It now expects to produce between 47,000 and 49,000 vehicles, down from a prior outlook of 57,000. Last year, the company produced 57,232 vehicles and delivered 50,122.