TD Cowen Raises Rivian Price Target to $21
- Rating
- Buy
- Target
- $21
- from $20 (+5%)
- Upside
- +83%
- RIVN at $11.45 today
What the analyst said
TD Cowen analyst Itay Michaeli raised the price target on Rivian Automotive Inc (NASDAQ: RIVN) to $21 (from $20) while maintaining a Buy rating.
“Encouraging Q2 Supports Our R2 Inflection Thesis; A positive Q2 outcome on improved gross margins, upbeat R2 update, raised ’26 EBITDA outlook and lower capex spend.
While it’s still early in the ramp, R2 commentary supports our 200-300k unit demand call (EV thesis here).
Continued execution should pave a path for additional NT catalysts including the Q4 R2 ramp, the launch of 3rd-gen AV HW and newly announced AV Day. Buy, raise PT to $21.”
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Where the price stands
RIVN trades at $11.45. The 9 analysts who set a target in the last 3 months range from $10 to $23, with a median of $18. This $21 target is 17% above the median.
Since the note RIVN has moved −32% (from $16.83). 12-month window: day 91 of 365, closes on July 31, 2027.
Track record
This callOpen: RIVN has not reached $21 yet. This 12-month target is scored on July 31, 2027.
Firm track recordTD Cowen: 87% of its 31 targets at least a year old were reached within 12 months (#9 of 21 firms); on Rivian, 2 of 2. Accuracy ranking →
TD Cowen on Rivian
TD Cowen price targets on Rivian
5 calls from May 7, 2025 to July 31, 2026. The target went from $14 to $21 (+50%). The rating moved from Hold to Buy.
- July 31, 2026 This noteTarget raised from $20 (+5%)Buy$21
- March 10, 2026Upgraded to Buy, target raised from $17 (+18%)Buy$20
- February 13, 2026Target raised from $13 (+31%)Hold$17
- August 6, 2025Target cut from $14 (−7%)Hold$13
- May 7, 2025Earliest call shownHold$14
