Rivian price target raised to $23 from $14 at Needham

Needham raised the firm’s price target on Rivian (RIVN) to $23 from $14 and keeps a Buy rating on the shares after the company’s AI & Autonomy Day. The event increases the firm’s confidence in Rivian positioning as software defined vehicles increasingly become industry table stakes, with Rivian’s vertical integration allowing for fuller control driving faster learning and feature iterations across driver interface and autonomy technology, underpinning the company’s “durable competitive advantage”, the analyst tells investors in a research note.