Needham Lowers Rivian’s Price Target to $14

Needham analyst Chris Pierce lowered on August 6, 2025, the price target on Rivian to $14 (from $16) while maintaining a ‘Buy’ rating.

“We reiterate our Buy rating and lower our target to $14 post 2Q results and company commentary, reflecting a more conservative near-term demand outlook and the widened 2025 adj. EBITDA loss guidance versus prior.

While we acknowledge the near-term macro and policy headwinds, we continue to view RIVN as a structurally advantaged, cash rich EV pure-play with a differentiated brand, vertical integration, and a significantly improved cost structure on the upcoming R2 platform that positions the company for accelerated margin expansion and volume growth once R2 launches in 1H26.

Our $14 price target represents 15x EV/our FY28E adj EBITDA discounted back.

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