Stifel reiterated its Buy rating and $22 price target for Rivian Automotive Inc. (NASDAQ: RIVN) after the EV maker reported second-quarter results that surpassed analyst expectations.
The stock traded at $16.97, up 14% over the past seven days. Revenue rose 27.2% year-over-year to $1.66 billion, exceeding Stifel’s forecast by 7.2% and the consensus estimate of $1.50 billion. Baird estimated revenue at $1.7 billion. Rivian’s loss per share narrowed to $0.47, beating the anticipated $0.67 loss.
Adjusted EBITDA came in at negative $379 million, outperforming Stifel’s estimate of negative $642 million and the consensus of negative $547 million. Gross profit totaled $179 million with a 7.5% margin over the last twelve months, reflecting a 10.8 percentage point improvement year-over-year. The automotive loss narrowed to negative $36 million from negative $335 million a year earlier.
Pro forma liquidity stood at $7.2 billion, supplemented by $1.25 billion in funding from Volkswagen and Uber. The company maintained a current ratio of 2.1, indicating liquid assets exceeded short-term obligations.
Rivian raised its 2026 delivery guidance and adjusted its EBITDA outlook to a range of negative $2.00 billion to negative $1.80 billion. Capital expenditures were reduced to $1.70 billion to $1.80 billion. The company also pulled its second shift into the third quarter of 2026.
Stifel noted potential headwinds, including the absence of second-half regulatory credits after $164 million were recorded in the first half. Automotive gross margins face pressure in the third quarter before improving in the fourth, while input costs and autonomy spending remain elevated.
TD Cowen raised its price target to $21 while maintaining a Buy rating. Needham reiterated a Buy with a $23 target, and Cantor Fitzgerald kept a Neutral rating with a $19 target.
