Rivian price target lowered to $13 from $15 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Rivian (RIVN) to $13 from $15 and keeps a Neutral rating on the shares. Rivian’s lower COGS of $96K per vehicle reflected strong material cost reductions and reduced tariff impacts following recent U.S. policy changes, the analyst tells investors in a research note. Management expects these savings to extend to R2, targeting positive gross margins by late 2026. Near-term, EBITDA will likely stay under pressure due to the IRA credit loss and higher autonomy investments, but long-term profitability should improve with R2 scaling and growth in software and services, Goldman Sachs says.