Baird Upgrades Rivian to Outperform With $25 PT

Baird analyst Ben Kallo upgraded on December 18, 2025, Rivian from ‘Neutral’ to ‘Outperform’ with a price target of $25 (from $14).

“We are upgrading RIVN to Outperform as we move into 2026 which is the year of the R2 launch.

We expect this to be a boost for RIVN’s brand, product demand, and thus by extension the stock as deliveries begin near mid- year.

The recent Autonomy and AI day was highlighted by the unveiling of custom chips and a more thorough overview of RIVN’s autonomous strategy, which we view positively for long-term competitiveness.

We want to own into the new product cycle of launching the R2.”

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