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

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开奖号码历史查询: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开奖号码历史查询:Department of Energy loan closed by the Biden Administration 澳洲幸运5开奖号码历史查询: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开奖号码历史查询: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开奖号码历史查询:Rivian's joint venture with German auto giant 澳洲幸运5开奖号码历史查询:Volkswagen is also "c🤡omplicating" projections for the 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.