Rivian Automotive initiated with a Hold at TD Cowen

TD Cowen analyst Itay Michaeli initiated coverage of Rivian Automotive (RIVN) with a Hold rating and $12.70 price target Fundamentally the firm is constructive on Rivian but it does not see sufficient near-term catalysts for the shares given a mixed 2025 outlook and the R2 launch not happening until the first half of 2026. That said, Rivian’s 2025 volume guidance could prove conservative, and successful autonomy over-the-air releases could boost investor sentiment in the second half of the year, the analyst tells investors in a research note.