Truist Securities reiterated a Buy rating on Rivian (NASDAQ:RIVN) and cut their price target on the stock to $28.00 (From $44.00) as shares continue to face pressure ahead of the electric automaker’s 1Q earnings report. Rivian is expected to release its 1Q earnings results after the closing bell on Tuesday.

Analysts wrote in a note, “Shares of RIVN have continued to face pressure down 25% YTD vs. S&P 500 +8% as investors increasingly question the capital requirements and more recently, demand outlook for both the company and EVs as a whole. Into the print, we’d expect RIVN to maintain its prior 50k FY23 production target & will look for the company to provide a more qualitative demand update given RIVN no longer reports order book #s. We remain bullish on RIVN’s LT technological/market advantages, while we reduce our PT to $28 from $44 to reflect a more moderate growth cadence.”

They adjusted estimates to reflect RIVN’s reported 1Q deliveries driving higher 1Q revenue forecasts, while reducing FY23 revenue estimates resulting from lower assumed production/delivery numbers for the year. Truist now estimates that Rivian will report 1Q revenues of $680M (up from $627M prior), ahead of the Street’s $661M estimate. Full year 2023 revenues are expected to be $3.97B (vs. $4.36B prior), below the Street’s $4.10B estimate.

Shares of RIVN are down 2.38% in pre-market trading on Tuesday