Stock Track | Rivian Automotive Soars 5.08% Intraday as Needham Raises Price Target on AI and Autonomy Plans

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Rivian Automotive Inc. (RIVN) shares surged 5.08% intraday on Friday, buoyed by a bullish analyst upgrade and optimism around the company's advancements in autonomous driving and artificial intelligence.

Needham lifted its price target for Rivian to $23 from $14, citing strengthened confidence in the company's long-term autonomy strategy following its recent AI and Autonomy Day. The brokerage highlighted Rivian's shift from adopting off-the-shelf autonomy solutions to developing end-to-end AI-driven systems, a competitive edge over traditional automakers. Additionally, Rivian announced plans to expand hands-free driving to 3.5 million miles of North American roads and unveiled a custom AI chip, positioning itself as a formidable rival to Tesla in the self-driving race.

Despite initial post-event skepticism that drove shares down 6% on Thursday, the market has recalibrated its view, recognizing Rivian's potential to monetize autonomous technology through subscription services—a model akin to Tesla's Full Self-Driving offering. Morningstar also initiated coverage with a $15 target, noting Rivian's production ramp-up of the R2 SUV as a key growth driver.

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