Rivian Automotive: Strategic Positioning and Future Potential Drive Buy RatingWe reiterate our Buy rating and raise our price target to $23 following RIVN’s AI & Autonomy Day. The event increased our confidence in RIVN's positioning as software (and now AI) defined vehicles increasingly become industry table stakes, with RIVN's vertical integration allowing for fuller control driving faster learning and feature iterations across driver interface and autonomy technology, underpinning a durable competitive advantage. Our R2 enthusiasm against low expectations still does the heavy lifting for our bullish thesis, but the event strengthened our conviction in RIVN’s longer term autonomy roadmap and points of differentiation vs legacy OEMs. Our updated target is 20x EV/our FY28E adj EBITDA discounted back, up from 15x prior, with percolating R2 enthusiasm supporting multiple expansion ahead of a 1H26 launch.