Jefferies Raises Rivian Price Target to $17

Jefferies analyst Owen Paterson raised the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $17 (from $16) while maintaining a Hold rating.

“Rivian is taking advantage of a rally in shares post Q2 volume disclosure to raise equity.

Details on the auto sales beat are limited but we assume a mix of EDV, ZEV income and R2, which validates a credible path to reaching positive gross margin by YE.

We raise Q2 and FY estimates. Cash burn will remain significant through 2027-28 on production ramp and capacity build but the proposed capital raise significantly improves the funding profile.

PT up $1 to $17.”

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