TD Cowen Raises Rivian Price Target to $21

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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