Benchmark Reaffirms $18 PT and ‘Buy’ Rating on Rivian

Benchmark analyst Mickey Legg reaffirmed on February 21, 2025, Rivian’s ‘Buy’ rating and $18 price target.

“Rivian reported 4Q revenue of $1.7B vs. our estimate of $1.2B and consensus of $1.5B.

RIVN achieved $170mm in gross profit, a 10% margin, and remains committed to achieving a modest gross profit for the full year 2025, in line with our model.

While conservative guidance of 46k-51k vehicle deliveries was given for 2025, below our previous estimate of 56k and consensus of 55k, the path to profitability remains intact.

Additional guidance for the full year 2025 is for adj.

EBITDA loss of $1.7B to $1.9B and capex of $1.6B to $1.7B.

While the macro remains uncertain in the short-term, we remain optimistic on operational efficiencies in 2025 and the launch of R2 in 2026, which in our view should propel RIVN to a profitable scale.”

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