Analyst Chris Pierce from Needham reiterated a Buy rating on Rivian Automotive and increased the price target to $23.00 from $14.00.
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Chris Pierce has given his Buy rating due to a combination of factors that highlight Rivian Automotive’s strategic positioning and future potential. The recent AI & Autonomy Day event bolstered confidence in Rivian’s ability to leverage software and AI as critical components in the automotive industry. Rivian’s approach to vertical integration allows it to maintain greater control over its technology, facilitating rapid advancements in driver interface and autonomous capabilities, which are seen as key competitive advantages.
Furthermore, the enthusiasm surrounding Rivian’s R2 model, despite initially low expectations, plays a significant role in the optimistic outlook. The event reinforced the belief in Rivian’s long-term strategy for autonomy, setting it apart from traditional automakers. The updated price target of $23 reflects a higher valuation multiple, driven by increased excitement for the R2 model’s anticipated launch in the first half of 2026.
In another report released on December 5, Canaccord Genuity also maintained a Buy rating on the stock with a $21.00 price target.