The end of a key U.S. tax credit for electric vehicles is poised to hurt Rivian Automotive Inc., according to a Mizuho analyst who just turned bearish on the stock.

Mizuho’s Vijay Rakesh cut his price target on Rivian’s stock

RIVN to $10 from $14 on Monday, with the new target about 23% below the stock’s last close near $13. Before the September expiration of tax credits that encouraged the purchases and leases of EVs, consumers raced to take advantage of them. But now the sales environment could be trickier, Mizuho warns.