JPMorgan Raises Rivian Price Target to $15
JPMorgan analyst Rajat Gupta raised the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $15.00 (from $9.00) while maintaining a Underweight rating.
“RIVN reported its 2Q deliveries this morning at 12,194 units, beating both Bloomberg consensus of 10,607 units and JPMe of 11,000, and coming in well above the company’s prior 9,000-11,000 guide, with production of 12,613 units.
The strength was driven by both, EDV, and R1.
On the full year, RIVN raised its 2026 delivery guide by ~3K units to 65K -70K units (~67.5K midpoint) from a prior 62K-67K (~64.5K midpoint), above both consensus of ~63.2K and JPMe of ~64.9K heading into the print.
RIVN also began delivering its midsize R2 SUV during the quarter and is ramping production at its Normal, IL plant (~155K unit annual capacity for R2, ~215K total), and we believe near-term share reaction will be closely cor-related to shipments/orders progress.
Our conversations with management suggest that the company is on track to add a 2nd shift for R2 in 2H26 with a plan to deliver on point-to-point autonomy (similar to TSLA FSD) by the end of the year.
Flowing through the stronger deliveries print in our model, we are now forecasting 2026 deliveries of ~68.1K units vs. ~64.9K units prior, while leaving our 2027 estimate largely unchanged at ~146K units, and rolling out a new 2028 estimate of ~180K units.
With our recent assumption of coverage, we are also establishing a Dec 2027 PT of $15 (from $9 prior for Dec 2026) to reflect ongoing strides in autonomy (inc UBER partnership), VW architecture partnership, and recent strength in deliveries.”
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