TD Cowen upgraded Rivian (RIVN) to Buy from Hold with a price target of $20, up from $17, following a detailed R2 demand analysis. The firm sees full scale R2 demand at 212,000-335,000 units, suggesting upside to consensus forecasts for 2027, the analyst tells investors. With shares down 20% year-to-date, the firm likes the risk/reward into the R2 launch, the analyst added.
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