Shares of Rivian (NASDAQ:RIVN), an electric vehicle manufacturer, saw a more than 2% increase intra-day today following initiation of coverage by Stifel with a Buy rating and a 12-month price target of $23.00.
Stifel’s note highlighted Rivian’s recent deal with Amazon to provide 100,000 Electric Delivery Vehicles (EDVs). They also noted Rivian’s new manufacturing facility, which is expected to begin producing the R2 line in 2026, with a projected annual production capacity of 400,000 units.
Stifel expressed optimism regarding Rivian’s prospects, particularly with the upcoming R2 platform. This platform is tailored to the largest electric vehicle segment in the U.S., a market currently led by Tesla.