Piper Sandler Upgrades Rivian Stock Amid Strong Delivery Performance
On July 27, Piper Sandler upgraded Rivian (RIVN) to 'overweight' from 'neutral,' raising its price target to $20 from $18. The move comes ahead of the company's second-quarter earnings report on July 30 and follows strong delivery numbers in Q2 that exceeded expectations. Analyst Alexander Potter cited three key factors behind the upgrade: improved delivery guidance, smoother R2 SUV production than expected, and a recent capital raise providing financial flexibility. Rivian delivered 12,194 vehicles in Q2—well above its own forecast—and raised full-year delivery targets to between 65,000 and 70,000 units. The upgrade also reflects optimism around the R2 model's potential as a mass-market vehicle priced below Rivian’s premium line. Additionally, Potter highlighted Rivian’s in-house hardware capabilities positioning it for future autonomous driving opportunities, including its partnership with Uber to deploy robotaxis starting in 2028.
Topics: electric vehicles Piper Sandler price target increase Rivian stock upgrade