BofA Securities Reiterates Underperform on Rivian, $10 Price Target
- Rating
- Sell
- Price target
- $10
- Implied downside
- -26%
- vs $13.50 prior close
BofA Securities analyst John Murphy reiterated an Underperform rating and $10 price target on Rivian Automotive Inc (NASDAQ: RIVN).
“RIVN reported 1Q:25 results above BofA and consensus estimates. Specifically, adj. EBITDA of ($0.30bn) compared with BofAe at ($0.50bn) and consensus at ($0.55bn).
Revenue of $1.24bn was above BofAe of $0.97bn. Gross margin was 17%, better than BofAe of -8%.
This was largely due to higher regulatory credits ($157mm) and higher Software and Services revenue ($318mm).
Recall that Software and Services revenue includes the recognition of payments from VW to fund the JV. These payments and performance obligations recognized were $167mm in 1Q.
RIVN’s deliveries of 8,640 vehicles in 1Q:25 were down sequentially from 14,183 in 4Q:24, and down 36% YoY from 13,588 in 1Q:24.
RIVN produced 14,611 vehicles in the quarter, a 15% QoQ increase from the 12,727 vehicles produced in 4Q:24.”
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Tracking this call
Since this note+6% RIVN $13.50 → $14.33 (Oct 9) · moving away from the target
This call✗ Not reached within 12 months: a year after the note RIVN closed at $14.18, 42% above the $10 target, and it moved the other way.
Firm track recordBank of America: 73% of its 15 targets at least a year old were reached within 12 months (#13 of 20 firms); on Rivian, 0 of 2. Accuracy ranking →
