What happened?
Shares of electric vehicle manufacturer Rivian (NASDAQ: RIVN) jumped 8.7% in the morning session after UBS upgraded the stock to Buy from Neutral, citing valuation, CNBC reported.
In the research note, UBS analyst Joseph Spak maintained a price target of $17 per share on the automaker. Spak highlighted the company's valuation as the core catalyst for the upgrade from Neutral to Buy. The analyst added that “the stock’s recent sell-off presents a buying opportunity ahead of an inflection in its R2 midsize SUV ramp.” Upgrades from major Wall Street brokerage firms frequently influence early market sentiment, as investors often interpret an improved rating as an indicator that the stock has settled into a more appealing risk-reward profile.
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What is the market telling us
Rivian’s shares are extremely volatile and have had 40 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 5.1% on the news that the company reported a 38% increase in third-quarter 2026 revenue and raised its full-year outlook across all metrics. According to a company press release, Rivian reported third-quarter 2026 revenue of $2.155 billion, an increase of 38% year over year.
The release also said that vehicle deliveries climbed 46% compared with the previous year, with the R2 becoming its highest-volume vehicle, leading the company to raise its 2026 full-year outlook across all metrics. Revenue was above Wall Street's estimate of $2.06 billion. The company also reported a GAAP loss of 63 cents per share, which was above analysts' consensus estimates of a 72-cent loss per share. In addition, full-year EBITDA guidance of negative $1.8 billion at the midpoint was above analyst expectations of negative $1.89 billion.
Rivian is down 30.9% since the beginning of the year, and at $13.41 per share, it is trading 40.3% below its 52-week high of $22.45 from December 2025. Investors who bought $1,000 worth of Rivian’s shares 5 years ago would now be looking at only $133.10.
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