Rivian stock price forecast: Stifel sees another 21% upside from here

Rivian Automotive Inc (NASDAQ: RIVN) has gained close to 25% over the past month but a Stifel analyst is convinced that’s just a drop in the bucket compared to where the stock is headed.

Rivian stock could climb to further to $23

Stephen Gengaro assumed coverage of the electric vehicles company this morning with a “buy” rating”. His $23 price objective suggests about a 21% upside from here.

The analyst is bullish on Rivian stock partially because the Nasdaq-listed firm has an EDV agreement with Amazon.com Inc. He’s confident that it will also sell its commercial electric vehicles to other fleets moving forward.

Stifel’s bullish call arrives about a month after Rivian Automotive Inc reported market-beating results for its third financial quarter.

$RIVN is currently down about 30% versus its year-to-date high.

Gengaro is bullish on Rivian’s R2 line

Stephen Gengaro is constructive on the new Rivian factory that he expects will launch its R2 line in 2026. That facility will likely have capacity to produce 400,000 units annually.

Note that the R2 caters primarily to the largest U.S. EV segment that’s currently dominated by its peer Tesla Inc.

Lastly, the Stifel analyst recommends owning Rivian stock because new technology, increase in production, electric delivery vehicles, and better pricing will help boost the company’s earnings and margins.

On Thursday, Gengaro also assumed coverage of Lucid Group Inc (NASDAQ: LCID) with a “hold” rating. His $5.0 price target suggests a 10% upside in shares of the Newark-headquartered firm that makes electric luxury sports cars.