Needham Reiterates $23 Price Target on Rivian

Needham analyst Chris Pierce reiterated a Buy rating and $23.00 price target on Rivian.

“We reiterate our Buy rating and $23 target after attending RIVN’s Investor Drive event getting a deep dive on the just launched, TAM expanding R2 mid size SUV, with launch enthusiasm underpinning our bullish view and autonomy aspirations as a thesis kicker further rounding into view at the event.

A test drive and visibility into bill of materials cost downs screened bullish, and we encourage bearish investors to test drive the vehicle and demo RIVN’s burgeoning autonomy suite vs gauging potential demand solely through a broader EV adoption lens.

Beyond the initial launch we see a string of high visibility bullish catalysts, with RIVN set to launch point to point navigation and a LIDAR enabled variant capable of eyes off autonomy and introduce the lower priced base model over the next year.

Our $23 target is 20x EV/our FY28E adj EBITDA.”

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