Aptiv Stock Seeing Headwinds from Rivian-Volkswagen Deal
Aptiv(APTV) Schaeffers Investment Research·2024-06-26 23:07
Electric vehicle (EV) part manufacturer Aptiv PLC (NYSE:APTV) stock is dropping to four-year lows today, down 8.3% at $67.25 at last glance, after Piper Sandler downgraded the stock to "underweight" from "neutral." The firm also added in a price-target cut to $63 from $78, citing risk from the Rivian-Volkswagen venture. More specifically, EV name Rivian Automotive (RIVN) secured up to $5 billion in funding from Volkswagen Group, putting pressure on its sector peers and sending RIVN up 30% at last look. Head ...