Baird Reiterates Outperform on Rivian, $23 Price Target

Baird analyst Ben Kallo reiterated an Outperform rating and $23 price target on Rivian Automotive Inc (NASDAQ: RIVN).

“Notes from 10-Q filing. Q2 revenue rose 27.2% y/y to $1.7B and consolidated gross profit swung to $179M (10.8% margin) from ($206M) in Q225.

Deliveries were 12,194 (+14%) and production 12,613 (+111%) as previously reported on July 2, with R2 deliveries beginning in the quarter.

Automotive gross loss narrowed to ($36M) from ($335M), helped by $106M of regulatory credits versus $3M and an IEEPA tariff refund receivable.

Total liquidity was $5.85B before July’s ~$1.3B equity raise.”

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