Rivian Automotive Inc (NASDAQ:RIVN) was among the EV makers to report strong second-quarter production and deliveries. Here’s a look at some key analyst takeaways.

Truist Securities On Rivian Automotive

Analyst Jordan Levy maintained a Buy rating and price target of $28.

Rivian Automotive reported “largely positive” second-quarter production and delivery figures, which came in 10% and 12% higher than Street estimates, respectfully, Levy said in a note. What was “equally important” was the company’s reiteration of its production target of 50,000 for fiscal 2023, he added.

“Going into the company’s August 8th earnings call, we will look for further commentary around cost reduction efforts/vehicle economics, with RIVN’s gross margin loss cut in half during 1Q, along with flowthrough impacts of the company’s recent EDV upgrades & lower overall battery prices,” the analyst further wrote.

Canaccord Genuity On Rivian Automotive

Analyst George Gianarikas reiterated a Buy rating and price target of $40.

“Rivian’s team has turned a corner operationally as the company escapes its post-IPO operational quagmire,” Gianarikas said.

“We continue to believe Rivian is on its way to capturing its fair share of the EV market over time through a sound, thorough vertically integrated strategy that should lead to a desirable customer experience and strong profitability over time,” he added.

Check out other analyst stock ratings.

Cantor Fitzgerald On Rivian Automotive

Analyst Andres Sheppard reaffirmed an Overweight rating and price target of $27.

Rivian Automotive announced that it had “produced 13,992 vehicles (vs. our estimate of 10,945) and delivered 12,460 vehicles (vs. our estimate of 10,752) in 2Q23,” Sheppard wrote in a note.

“So far in 1H23, Rivian has produced 23,387 and delivered 20,406 vehicles, and, in our view, appears well on track to meet its annual production target, particularly as 4Q tends to be the strongest quarter given seasonality,” he added.

RIVN Price Action: Shares of Rivian Automotive had risen by 1.43% to $19.84 at the time of publishing Friday.

Photo: Shutterstock