** Electric vehicle maker Rivian Automotive's RIVN.O shares fall 1.9% to $11.15 premarket

** Piper Sandler downgrades stock to "neutral" rating from "overweight" and cuts PT to $13 from $19, representing ~14% upside to stock's last close

** Brokerage says it likes RIVN's strategy, particularly self-reliance in electronics and software

** Adds, it sees a lack of upside catalysts for RIVN in 2025

** Piper Sandler says RIVN is exposed to a potential triple-whammy in 2025

** Co's Department of Energy loan may not get funded; the $7,500 EV tax credit could be canceled that would make R1 leases less attractive or costlier - brokerage

** California could lose its authority to regulate emissions, which would be bad for credit revenue - brokerage

** 11 of 31 brokerages rate the stock "buy" or higher, 16 "hold" and 4 "sell" or lower; their median PT is $14.20 - LSEG

** Up to last close, RIVN shares had fallen ~15% this year

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))