Goldman Sachs raised its price target on Rivian to $18 from $16 on Monday, the second increase in three weeks despite the EV maker reporting an 18% decline in deliveries for 2025.
Analyst Mark Delaney maintained his Neutral rating on the stock.
Rivian is planning a dedicated R2 event in the first quarter where founder and CEO RJ Scaringe will unveil the full portfolio of R2 products, including detailed specifications, pricing, and trim levels.
Deliveries of the more affordable SUV — expected to start at $45,000 — are set to begin in the first half of the year from the company’s Normal, Illinois, factory.
Despite the year-over-year decline, Rivian met its revised guidance range of 41,500 to 43,500 deliveries, which was lowered in early November from the previous range of 40,000 to 46,000 units.
“Both the fourth quarter and annual figures are in line with Rivian‘s expectations,” the company said in its announcement last week.
Goldman Sachs previously raised its Rivian price target on December 12 — from $13 to $16 — a day after the EV maker held its AI and Autonomy Day.
At the time, Delaney highlighted that Rivian outlined at the event its vertically integrated hardware-software strategy, including a new in-house compute platform, a staged autonomy roadmap beginning in 2026, and a paid Autonomy+ service model.
Goldman Sachs’ new price target still implies a downside of 7.3% based on Friday’s closing price.
As of press time, Rivian shares were trading 1.6% higher at $19.73.
The stock soared in the final months of 2025 based on its AI and Autonomy Day event and on the better than feared third-quarter earnings results.
Q4 Results
Rivian produced 10,974 vehicles at its manufacturing facility in Normal, Illinois, and delivered 9,745 units in Q4. That compares with 12,727 produced and 14,183 delivered in Q4 2024.
For the full year, Rivian produced 42,284 vehicles and delivered 42,247 units — an 18% decline from 51,579 deliveries in 2024.
Wall Street analysts had expected around 42,500 deliveries for the year, according to Visible Alpha.
Rivian will release fourth-quarter and full-year 2025 financial results on February 12 after market close, followed by an audio webcast at 5:00 p.m. ET.
Wall Street Reactions
Morgan Stanley analyst Adam Jonas maintained his Underweight rating and $12 price target on Friday, warning that demand could weaken through most of 2026.
The analyst added that the introduction of LiDAR later this year to enable advanced levels of autonomy “may yield a demand air-pocket for most of 2026 as customers wait for RIVN’s latest gen tech platform.”
Rivian‘s Q4 deliveries of 9,745 vehicles came in slightly ahead of Morgan Stanley’s estimate of 9,525 units but below consensus of 10,100.
Canaccord Genuity analyst George Gianarikas reiterated his Buy rating and $21 price target on Friday.
Gianarikas acknowledged that Rivian’s path since going public in 2021 has “been far from smooth,” but said he sees a potential shift ahead with the R2 launch planned for the first half of 2026.
