Shares of Rivian Automotive Inc. (NASDAQ: RIVN) rose more than 6% on Monday, reaching $19.75, after JPMorgan raised its price target on the electric vehicle maker following a stronger-than-expected second-quarter delivery report. The stock outperformed the broader market as investors responded positively to improved delivery numbers and growing momentum around the upcoming R2 vehicle platform.
Last week, Rivian reported second-quarter deliveries of 12,194 vehicles, surpassing Wall Street's consensus estimate of roughly 11,000 units. The company also produced 12,613 vehicles during the quarter ended June 30, underscoring operational progress.
JPMorgan Raises Target but Maintains Sell Rating
JPMorgan analyst Rajat Gupta increased his price target on Rivian shares to $15 from $9, while keeping a Sell rating. The revision reflects the stronger quarterly performance and an upward adjustment to 2026 delivery forecasts. Gupta now projects 2026 deliveries of approximately 68,100 units, up from a prior estimate of 64,900, while leaving the 2027 forecast largely unchanged at around 146,000 units.
Gupta noted that the higher target also incorporates "ongoing strides" in autonomous driving technology. Despite the increase, Rivian shares continued trading well above JPMorgan's revised target. The average Wall Street price target stands at approximately $18.40, also below the stock's current trading level.
R2 Launch Fuels Investor Optimism
Investor sentiment has been bolstered by expectations that Rivian's lower-priced R2 platform could significantly expand the company's addressable market. The existing R1T pickup truck and R1S SUV typically sell for more than $80,000, limiting their potential customer base. The upcoming R2 family of vehicles is expected to start at around $45,000, making Rivian's products accessible to a broader range of buyers.
The second quarter also marked the launch of the R2 vehicle, with deliveries expected to ramp through the remainder of the year. Rivian raised its full-year 2026 delivery guidance to between 65,000 and 70,000 units, up from the previous forecast of 62,000 to 67,000 units. Management attributed the stronger outlook to higher EDV and R1 deliveries, as well as the introduction of R2 deliveries.
For more on the broader EV landscape, see our coverage of Tesla Stock Drops 3% Despite Record Deliveries: Profit-Taking and AI Focus Weigh.
Analysts Look Ahead to Earnings
Baird reiterated its Outperform rating and maintained a $23 price target following the delivery update. The brokerage noted that second-quarter deliveries exceeded consensus estimates and increased nearly 14% year-over-year, although the figure came in slightly below Baird's own higher forecast.
Rivian is scheduled to report second-quarter financial results after the market closes on July 30. Investors are expected to focus on margins, cash burn, and progress in ramping production of the R2 platform. While Rivian's recent performance has strengthened investor confidence, the broader U.S. electric vehicle market remains challenging. EV adoption in the United States continues to trail Europe and China, and the expiration of the federal $7,500 EV purchase tax credit has added further pressure to demand.
Wall Street expects Rivian to reach profitability in 2030, when annual vehicle sales are projected to approach 427,000 units—a level analysts say is typically required for mass-market automakers to generate sustainable profits.
For related insights, check out Rivian Stock Surges 12% on Q2 Delivery Beat, 2026 Guidance Raised to 65,000 Units and Rocket Lab Stock Forms Bullish Megaphone Pattern as Analysts Raise Price Targets.
This article is for informational purposes only and does not constitute financial advice.
