Rivian Shares Rise 2.5% on Analyst Upgrade

Shares of electric vehicle maker Rivian Automotive rose 2.5 percent on Wednesday, closing at $15.42, after D.A. Davidson upgraded its rating on the stock from underperform to neutral. The upgrade, issued by analyst Michael Shlisky, maintained a price target of $14, which sits below the current share price and reflects a valuation adjustment rather than improvements in the company's operations. Rivian's stock had declined 24 percent year to date entering the session, contributing to the firm's revised outlook.

The move comes amid investor scrutiny of Rivian's upcoming R2 platform, a more affordable lineup designed to broaden its customer base beyond the higher-priced R1 vehicles, which start above $70,000. Pricing for the R2 models exceeded market expectations, with the performance and premium trims beginning at $58,000 and $54,000 respectively, while the base model is set at $45,000 and long-range versions at $48,500. Standard configurations are not expected until 2027. This pricing structure draws added attention following the September expiration of the $7,500 federal EV tax credit, which previously helped offset costs for buyers. Initial R2 deliveries are slated to begin...