Rivian stock jumps after JPMorgan raises price target

Rivian shares rose about 6% on Monday after JPMorgan raised its price target following the electric vehicle maker’s stronger-than-expected second-quarter deliveries. Investors reacted to the delivery update and attention around Rivian’s new R2 platform.

Rivian reported producing 12,613 vehicles in the quarter ended June 30 and delivered 12,194 vehicles, above Wall Street estimates of roughly 11,000. The company raised its full-year 2026 delivery guidance to 65,000–70,000 vehicles from a prior range of 62,000–67,000, citing higher deliveries of EDVs and R1 models and the start of R2 shipments.

JPMorgan analyst Rajat Gupta increased his price target to $15 from $9 while keeping a Sell rating. In a research note, Gupta raised his 2026 delivery forecast to about 68,100 units from roughly 64,900 and wrote the higher target reflected stronger expected deliveries and “ongoing strides” in autonomous driving technology. Rivian shares were trading above JPMorgan’s revised target and above the average Wall Street price target of about $18.40.

Brokerage Baird reiterated an Outperform rating and kept a $23 price target. Baird noted second-quarter deliveries rose nearly 14% year over year and beat consensus, though they were slightly below Baird’s own higher forecast.

The R2 family launched in the second quarter and is expected to ramp through the rest of the year. The R2 is planned to start at about $45,000, compared with Rivian’s R1T pickup and R1S SUV, which generally sell for more than $80,000. Analysts say the lower entry price may expand Rivian’s addressable market if production scales as planned.

Rivian will report second-quarter financial results after the market close on July 30. Investors have said they will focus on margins, cash burn and progress ramping R2 production.

The stock has gained roughly 30% over the past three months but remains well below its near-$180 post-IPO peak in 2021. The broader U.S. electric vehicle market faces headwinds: EV adoption in the United States trails Europe and China, and the expiration of the federal $7,500 EV purchase tax credit has reduced demand. Wall Street consensus projects Rivian reaching profitability in 2030, when annual vehicle sales are forecast to approach about 427,000 units.