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Rivian Automotive has more room to run as it gears up to roll out its new AI-enabled electric car next year, according to Baird. The investment firm upgraded the stock to outperform from neutral . It raised its price target on shares to $25 from $14, suggesting roughly 42% upside. “This vehicle will expand RIVN’s lineup to a lower-priced product segment (estimated near $45K) which will materially expand the [total addressable market],” analyst Ben Kallo said in a note to clients. RIVN YTD mountain RIVN year to date Rivian will launch the R2, a more affordable, mid-size electric SUV, in mid-2026. It will incorporate custom chips, artificial intelligence and other advanced technology into its fleet to support its vehicles’ smart features — a strategy that could help the car maker court customers. “The recent Autonomy and AI day was highlighted by the unveiling of custom chips and a more thorough overview of RIVN’s autonomous strategy, which we view positively for long-term competitiveness,” Kallo wrote. The analysts’ call goes against many other ratings for Rivian on the Street. Just 10 of the 29 analysts with a rating on the stock have a buy or strong buy on shares, according to LSEG data. Rivian shares are up 3.4% in premarket trading on Thursday. The stock has jumped 32.5% since the beginning of the year.
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