Rivian Stock Above $15, But UBS Sees Fair Value At $13 Amid Affordability Concerns

Investment bank UBS Group AG has maintained a Neutral rating for Rivian Automotive Inc. (NASDAQ:RIVN) stock and has upgraded its price target to $13 from $12. The stock closed last session at $15.63 apiece

What Happened: Analysts from the Swiss investment bank see a positive long-term outlook for the stock, Investing.com reported.

The upcoming launch of the Rivian R2 in 2026, which could retail for a price of around $45,000, holds positive potential for the EV manufacturer, UBS said. The report also suggests that the affordability of EVs is another concern for potential buyers.

Elsewhere, Piper Sandler set a price target of $15 for RIVN recently and maintained a Neutral rating for the stock, while Wedbush Securities maintained its Outperform rating on RIVN.

Why It Matters: The news comes in as Rivian CEO RJ Scaringe shared the company's plans for the Rivian R2, which is seen as an affordable option in Rivian's otherwise pricey line-up of SUVs and Pickup trucks.

Rivian also expanded its facility in Normal, Illinois, with a $120 million investment, which could create hundreds of jobs, as the company reaffirmed its U.S.-centric supply chain.

Price action: RIVN currently trades for $15.96 in Pre-market trading, according to Benzinga Pro data.

According to Benzinga Edge Stock Rankings, Rivian has a momentum rating of 94.98%. Check here how it compares to other leading EV companies.

Check out more of Benzinga’s Future Of Mobility coverage by following this link

Read Next:

• Rivian’s Software Chief Hails Volkswagen Partnership, Says German Automaker Gained ‘Startup DNA’ Ahead Of Budget EV Launch

Photo: Shutterstock