TD Cowen Lowers Rivian’s PT to $13, Maintains ‘Hold’ Rating

TD Cowen analyst Itay Michaeli lowered on August 6, 2025, the price target on Rivian to $13 (from $14) while maintaining a ‘Hold’ rating on the stock.

“Q2/Guide Impacted By Industry Headwinds, R2 On Track & AV Story Intact

The Q2 EBITDA miss/guide-down confirmed worse-than-expected NT impacts from known industry headwinds, but without a meaningful read to Rivian’s medium-term earnings power.

R2 on track and Autonomy comments were encouraging.

We remain fundamentally constructive, but view the stock as likely rangebound until closer to year-end (Dec AV/AI day, R2 launch in H1’26).

PT to $13 from $14. Maintain Hold.”

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