Mizuho downgraded TSLA and RIVN today
Mizuho downgraded electric vehicle (EV) stocks Tesla Inc (NASDAQ:TSLA) and Rivian Automotive Inc (NASDAQ:RIVN) today to “neutral” from “buy.” The analyst cited near-term demand weakness, as well as tighter liquidity. TSLA is up 1.1% at $172.66, brushing off the bear note, while RIVN is down 1.4% to trade at $10.65 at last check. Elsewhere, peer sector Nio Inc (NYSE:NIO) was last seen up 1.9% at $4.99.
Diving into each stock’s respective price activity, TSLA is recovering from a pullback to its lowest level since May, after staging a bounce off the $160 region. While the equity is now running into resistance from the 20-day moving average, it snapped back-to-back weekly losses on Friday with a 4.4% gain.
Meanwhile, the $10 level has been acting as a floor for RIVN, after its Feb. 26 record low of $10.05. The stock is on track for its third-straight daily loss, and has struggled with pressure at the 40-day moving average for most of the year. So far in 2024, the security has already shed 54.7%.
Lastly, NIO closed at a four-year low of $4.81 in the previous session, after briefly dipping into penny stock territory earlier this month. The 60-day moving average has been guiding the shares lower since early January, contributing to a 45% loss so far this year.