Rivian Automotive's (RIVN) 2025 guidance is "very hittable" as it faces a "murky" macro backdrop, Wedbush Securities said in a note to clients Friday.

"RIVN provided relatively conservative FY25 guidance as the company battles a myriad of macro headwinds while looking to balance the ramp of its vehicle lines to generate stable revenue growth while remaining prudent on spend to drive bottom-line expansion," Wedbush analysts said.

The analysts said the company's delivery guidance of 46,000 to 51,000 vehicles for 2025 implies a year-over-year negative growth in deliveries.

"We continue to remain confident in the long-term RIVN vision that is in the midst of massive transformation while looking to optimize its R1 production while preparing to ramp its R2 and midsize platform supply chains," the analysts said.

Wedbush maintained Rivian's outperform rating and $20 price target.

Rivian shares were down nearly 4% in recent Friday trading.

Price: 12.64, Change: -0.97, Percent Change: -7.13