Evercore ISI Maintains Outperform on Rivian, $18 Price Target

Evercore ISI analyst Chris McNally reiterated an Outperform rating and $18 price target on Rivian (NASDAQ: RIVN).

“As investors continue to try to read the R2 demand tea leaves, RIVN delivered a 3Q beat: $156MM Adj EBITDA beat ($(435)MM vs cons $(591)MM) and EPS of $(0.48) vs $(0.64), with Revs +5% vs cons.

The updated guide puts Q4 midpoint ~$60MM worse than 4Q cons, but overall – a positive print / step in the right direction.

For R2 demand commentary, mgmt discussed conversion rates “above company expectations” (still no hard %), and “demo drives” (103k vs 57k in Q2).

R2 is now RIVN’s best-selling vehicle, with the second shift online and another modest FY raise.

Limited roll-out of Point to Point remains on track for later this year (broader rollout in ’27) as RIVN attempts to close the gap to TSLA FSD.”

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