Needham Reiterates Buy on Rivian, $23 PT

Needham analyst Chris Pierce reiterated a Buy rating and $23 price target on Rivian (RIVN) on August 10, 2026.

“We reiterate our Buy rating and $23 target after co-hosting investors at RIVN’s San Francisco retail space with Chip Newcom, VP of Investor Relations for a thesis heat check and R2 demo drives.

Investor questions largely fell in two buckets: (1) weighing demand signals, supply capacity and margin commentary against the R2 launch and (2) RIVN’s burgeoning autonomy capabilities.

We continue to see RIVN as a winner in the ICE to EV transition, with RIVN getting minimal credit for strong R2 demand signals and early execution as well as zero credit for their autonomy aspirations with the most common bear arguments we hear losing momentum.

Our $23 price target is 20x EV/our FY29E adj EBITDA discounted back.”

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