Stifel Reaffirms Buy on Rivian, $22 PT
Stifel analyst Stephen Gengaro reiterated a Buy rating and $22 price target on Rivian Automotive (NASDAQ: RIVN) on August 24, 2026.
“We believe RIVN’s 2Q26 results and 2026 guidance support our positive view, including: 1) Revenue beat our above-consensus estimate by 7.2%, up 27.2% YoY, on regulatory credits and Software and Services; 2) Adjusted EBITDA of ($379) million topped our ($642) million and ($547) million consensus; 3) Gross profit of $179 million rose sharply YoY and the automotive loss narrowed to ($36) million from ($335) million; 4) R2 external deliveries began June 9, with Launch Edition order conversion above plan; 5) Second shift pulled into 3Q26, bumped 2026 delivery guidance and adjusted EBITDA to ($2.00)-($1.80) billion, and capex cut to $1.70-$1.80 billion; and 6) Liquidity strong at $7.2 billion pro forma, plus $1.25 billion from Volkswagen and Uber.
Items to watch include: 1) absent 2H26 regulatory credits ($164 million in 1H26); 2) a 3Q26 automotive gross margin headwind before 4Q26 benefit; 3) rising input costs; and 4) higher autonomy spend.”
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