Needham Keeps Rivian’s ‘Buy’ Rating and $14 PT

“We reiterate our Buy rating and $14 target ahead of RIVN’s R2 launch, supported by end-market diligence and a consumer survey conducted in low EV penetration metros.

The R2 is RIVN’s ~$50k ASP mid-size SUV, substantially expanding RIVN’s TAM beyond the more expensive R1 vehicle.

The size of the potential market opportunity for the R2 is encouraging when looking across current EV and ICE offerings at similar price points, and even more so vs modest consensus FY26 R2 delivery estimates.

Our survey work found strong RIVN brand awareness, limited negative perception and encouraging purchase intent, positioning RIVN favorably to capture share as the R2 enters the mid-size SUV segment.

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

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