Mizuho Keeps $13 Price Target on Rivian

Mizuho analyst Vijay Rakesh reiterated on June 27, 2025, a ‘Neutral’ rating and $13 price target on Rivian.

“We hosted investors with RIVN CFO Claire MCDonough and Sr. Manager of Strategic Finance Jacob Gomez.

Key takeaways

1) The R2 launch is on track for 1H26E with the first units rolling off pilot lines and the order book opening in early 2026E,

2) We believe 2H26E LG AZ NMC Battery supply intact, though 2H26E China LFP orders could see tariff impact for standard R1/EDV models,

3) The VW partnership allows for joint volume sourcing of ECUs/displays (15-20% of the BOM), delivering significantly lower costs,

4) being conservative in timing of new EDV customer ramps with a few pilot programs underway, and

5) expects some rollback of regulatory credits under new tax bill, but optimistic on DOE loan.

Reiterate Neutral, with no change to ests or $13 PT.”

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