DA Davidson raised its price target on Rivian Automotive Inc. (NASDAQ: RIVN) to $15 from $13 while maintaining a Neutral rating following the company's third-quarter 2025 results.

The firm said the latest quarter showed more of the same steady operational progress, particularly with the R2 platform continuing to advance. Rivian also managed to lower tariff costs per vehicle from “a few thousand dollars” to “a few hundred,” while teasing an upcoming “Autonomy Day” presentation expected next month.

Despite these positives, DA Davidson noted that trends in the company's flagship R1 lineup remained challenging. The firm said key milestones—such as winter testing and progress toward securing 2026 funding—would be crucial in determining Rivian's future trajectory.

Given the balance of risks and opportunities, the brokerage said it preferred to remain on the sidelines for now, maintaining a Neutral stance on the stock.