Stifel Lifts Rivian’s Price Target to $17

Stifel analyst Stephen Gengaro raised the price target on Rivian to $17 (from $16) while maintaining a ‘Buy’ rating on the stock.

“We believe RIVN’s 3Q25 print and outlook are generally positive and the underlying long-term story is intact.

Key positives include:

1. Strong Software and Service revenue and profitability;
2. COGS per unit down ~$2,200 sequentially;
3. Gross profit (loss) per vehicle excluding software & services improved to ($985) from ($3,142) in 2Q25, exceeding our ($2,039) forecast;
4. Noted it can cut cost by about half from R1 to R2; and
5. Once new policies are in place, expects tariff impact of a few hundred dollars per unit compared to several thousand dollars per unit previously.

RIVN is also hosting an Autonomy & AI Day December 11, 2025.

We believe the long-term story is intact, reiterate our Buy rating, and we’re raising target price to $17 from $16 target price based on our DCF.”

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