Rivian’s R2 Could Fill A ‘Relatively Unique Position And Product Void’ Between Tesla And Ford, Says Jefferies – Sees 45% Upside Potential

Jefferies said Rivian’s correction over the past three months presents an attractive entry point amid increasing production.

• Jefferies upgraded Rivian to ‘Buy’ from ‘Hold,’ and maintained a $17 price target, according to The Fly.
• Rivian reported 38% growth in Q3 revenue, while its adjusted loss narrowed to $0.48 per share.
• The EV maker raised its FY 2026 delivery forecast to 67,000–70,000 vehicles from 65,000–70,000 units.

Rivian Automotive (RIVN) was in the spotlight Friday as Wall Street reacted to the EV maker’s third-quarter earnings beat and positive commentary on the R2 electric SUV.

RIVN shares were up 5.6% at the time of writing, tracking their biggest single-day gains in more than two months. 

Jefferies Sees Product Void Between Tesla And Ford

Jefferies analyst Philippe Houchois upgraded Rivian to ‘Buy’ from ‘Hold,’ and maintained a $17 price target, according to The Fly. This implies roughly 45% upside from current levels. Houchois expects Rivian’s R2 to benefit as U.S. electric vehicle demand begins to stabilize.

The analyst highlighted a “relatively unique position and product void” in the $45,000- $55,000 price range, between ‘commoditizing’ Tesla models and Ford’s upcoming electric vehicle based on its Universal Electric Vehicle (UEV) platform. However, the new EV platform may not see a significant production ramp until late 2027.

The analyst believes Rivian’s roughly 30% stock correction over the past three months presents an attractive entry point as the company expands production and explores opportunities to license its autonomous driving technology. RIVN shares hit a high of $20.2 in July before sliding to below $12.

Rivian Raises Full Year 2026 Deliveries Guidance

On Thursday, Rivian reported 38% growth in Q3 revenue to $2.16 billion, while its adjusted loss narrowed to $0.48 per share. It updated its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) outlook to a loss of $1.75 billion to $1.85 billion, a $100 million improvement at the midpoint, and lowered capital expenditure guidance to $1.4 billion to $1.5 billion.

CEO RJ Scaringe said the R2, which began deliveries in June, has already become Rivian’s best-selling vehicle, outselling both its R1 models and electric delivery vans. The automaker has started a second R2 production shift at its Illinois factory, with more affordable versions expected to arrive through late 2026 and 2027.

Rivian also raised its full-year 2026 delivery forecast to 67,000–70,000 vehicles from 65,000–70,000 previously.

Retail Turns ‘Extremely Bullish’ On RIVN

Retail sentiment surrounding RIVN on Stocktwits turned ‘extremely bullish’ from ‘bullish’ over the past 24 hours, amid ‘high’ message volumes.

One user said the key takeaway is that Q3 sets a floor, and there “shouldn’t be any more 52-week lows.”

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The stock has been under heavy selling pressure this year, slumping more than 37%.

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