Rivian (RIVN) shares slumped 8% on Monday after Bank of America analysts down𒁃graded the electric vehicle 🎀maker's stock.

The analysts downgraded Rivian stock to "underperform" from "neutral," and lowered their price target to $10 from $13. They noted a "generally soft" demand environment for EVs, and said shifting priorities of the 澳洲幸运5官方开奖结果体彩网:Trump administration away from EVs could hurt Rivian's business.

"Given the Trump Administration's focus on cost cutting, we believe there could be risk to RIVN's $6.6 [billion] 澳洲幸运5官方开奖结果体彩网:Department of Energy loan closed by the Biden Administration 澳洲幸运5官方开奖结果体彩网:on [Jan. 16]," the analysts wrote.

Bank of America analysts are now the lone "sell" or equivalent rating among those tracked by Visible Alpha, along with four "buy" and 10 "hold" ratings.

BofA Says 'More Downside Risk' to Forecasts If Policy Changes Enacted

The analysts said Rivian's 澳洲幸运5官方开奖结果体彩网:forecast for 2025 was "softer than expected," and that "there could be more downside risk if policy changes are enacted." 澳洲幸运5官方开奖结果体彩网:Rivian's joint venture with German auto giant 澳洲幸运5官方开奖结果体彩网:Volkswagen is also "complicating" projections for th🍌e EV startup over the next four years, they wrote.

Further, the analysts said a rising number of electric SUV and crossover competitors, including new models entering the market over the next two years from Lucid (LCID), Scout, General Motors' (GM) Chevrolet, and Ford (F), could also complicate Rivian's sales picture.

Despite Monday's declines, Rivian shares have risen nearly 20% over the past 12 months.