Rivian Stock Jumps 11% Following Analyst's Bullish Outlook

Benchmark initiates a buy rating, citing Rivian's strong market positioning, partnerships, and upcoming product pipeline.

Benchmark analyst Mickey Legg gave Rivian a buy rating with an $18 price target, predicting a 38% upside from its previous closing price.
The analyst cited Rivian's robust cash reserves, including $6.7 billion on hand and a $6.6 billion conditional federal loan for its Georgia plant, as a key strength.
Rivian's partnerships with Amazon and Volkswagen were highlighted as critical to its growth, with the latter providing $5.8 billion to support new EV technology.
The company plans to expand its lineup with the R2 SUV in 2026, expected to start at $45,000, potentially competing with Tesla's Model Y.
Despite production challenges earlier this year, Rivian forecasts positive gross profit for Q4 and aims to deliver up to 52,000 vehicles in 2024.