Bernstein raised the firm’s price target on Rivian (RIVN) to $7.05 from $6.10 and keeps an Underperform rating on the shares. The firm notes Rivian’s Q1 was better than we feared, unlocking fresh capital from VW. But the long-term path remains capital intensive and scale-constrained. Tariff headwinds are delayed, not avoided, Bernstein notes. The firm’s thesis is unchanged: Rivian needs near-perfect execution through 2030 to reach scale, breakeven, and positive free cash flow – an ask too high in a sector known for surprises.
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