TD Cowen Upgrades Rivian to Buy on R2’s Volume Potential

The bullish call highlights the lower‑priced R2 as a catalyst to expand Rivian’s addressable market.

Overview

TD Cowen’s Itay Michaeli raised Rivian to Buy from Hold on March 10 and lifted the price target to $20.
Rivian unveiled the R2 lineup on March 12 with a launch variant starting at $57,990 and an entry configuration expected at $45,000.
The TD Cowen note cites long‑run annual demand for the R2 at an estimated 212,000 to 335,000 units.
Rivian reported 42,247 deliveries in 2025 and posted $144 million in consolidated gross profit for the year after a $1.2 billion gross loss in 2024.
The company guides 62,000 to 67,000 vehicle deliveries in 2026, with R2 customer deliveries expected to begin in the second quarter.