Cantor Fitzgerald Maintains Neutral on Rivian, $15 Price Target

Cantor Fitzgerald analyst Andres Sheppard reiterated a Neutral rating and $15 price target on Rivian Automotive Inc (NASDAQ: RIVN).

“We continue to believe that RIVN benefits from a commercial partnership with Amazon, a strategic joint venture with Volkswagen, and a differentiated product offering (R1, EDVs, & R2).

We continue to view Rivian’s R2 line (1H26) as a meaningful catalyst, and one that should result in higher customer demand, driven by the more competitive price point.

However, while management disclosed that it expects Q3 deliveries to be its highest for the year, we remain discouraged by the company’s FY25 delivery guidance of 40,000 – 46,000 vehicles, which is lower than FY24 deliveries, and by the disappointing Gross Margin, which came way below expectations.

Overall, we remain Neutral in the near term, driven by lower delivery expectations, worsening macro conditions, tariff uncertainty, the removal of the $7,500 EV Tax Credit, and uncertainty regarding the company’s autonomy and charging segments (which have yet to be quantified by management).

RIVN is targeting an Autonomy/AI investor day in Q4, and we are excited by the emphasis on autonomy, which management is very passionate about.”

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