Cantor Fitzgerald Keeps Neutral on Rivian, $19 Price Target

Cantor Fitzgerald analyst Andres Sheppard reiterated a Neutral rating and $19 price target on Rivian (NASDAQ: RIVN).

“Recall RIVN’s $5.8B joint venture with Volkswagen will be split into six components, and the company now expects an additional Volkswagen equity investment of ~$460M (by Jan 2028 or on first delivery of a joint vehicle).

As of Q2, RIVN reported ~$5.3B in cash, equivalents, and ST investments.

Including the company’s asset-based revolving credit facility and including the company’s July follow-on equity offering net-proceeds of ~$1.3B, RIVN reported a total pro-forma liquidity of ~$7.2B (excluding the ~$1.0B Volkswagen loan and $250M Uber equity investment).

Management later also expects to receive up to $4.5B under its DOE loan (by 2Q27), up to $700M in additional Uber investments (through 2031, subject to milestones), and a $460M Volkswagen investment (by 2028), bringing the company’s total targeted capital to ~$14.1B.

However, recall that the company previously announced that its CFO, Claire McDonough, will be stepping down on 10/30, after nearly six years.

We view this as material and feedback from investors is that the timing is unfortunate. What’s Next? RIVN will report 3Q26 earnings on 10/29 and host its earnings call at 5:00 PM ET.

RIVN will also be hosting its next Autonomy/AI day on 12/9.”

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