Stifel reiterated its buy recommendation on Rivian Automotive Inc. (NASDAQ: RIVN) on Monday, maintaining a price target of $22 per share after the electric vehicle maker posted stronger-than-expected second-quarter results.
The company reported revenue of $1.66 billion to $1.7 billion for the quarter, a 27.2% increase from the same period a year earlier and exceeding Wall Street expectations of $1.50 billion. Adjusted negative EBITDA narrowed to $379 million, outperforming Stifel’s estimate of negative $642 million and the consensus of negative $547 million. Gross profit reached $179 million, marking a 10.8 percentage point improvement in gross margin compared with prior losses. The automotive loss decreased to negative $36 million from negative $335 million in the prior period, while loss per share came in at $0.47, better than the expected $0.67.
Rivian raised its 2026 adjusted EBITDA guidance to a range of negative $2.00 billion to negative $1.80 billion, narrowing from an earlier outlook, and reduced its capital expenditure guidance to between $1.70 billion and $1.80 billion. The company also increased its 2026 delivery guidance following the start of external deliveries for the R2 model on June 9, with Launch Edition conversions exceeding planned rates. A second production shift is anticipated to begin in the third quarter of 2026.
Pro forma liquidity stood at $7.2 billion, supported by $1.25 billion in additional funding from Volkswagen and Uber. The current ratio, per InvestingPro data, was 2.1, indicating liquid assets exceed short-term obligations. Regulatory credits totaled $164 million in the first half of 2026, with none expected in the second half.
TD Cowen raised its price target to $21 while maintaining a buy rating, Needham reiterated its buy with a $23 target, and Cantor Fitzgerald kept a neutral rating with a $19 target. Rivian’s shares were trading at $16.97 on Friday, up 14% over the prior week.
