UBS analyst Joseph Spak reiterated a Neutral rating and $16.00 price target on Rivian Automotive Inc (NASDAQ: RIVN).

The analyst commented, "A recent FT article on Rivian suggests that they're trying to convince legacy automakers to use their electrical architecture and autonomous software...The idea that the EVs from legacy OEMs could benefit from a common software platform (as well as a common “base” hardware platform) makes sense at it should reduce the cost to make EVs and lower the capital intensity. However, this would make the automotive industry look more like the smartphone landscape, which is supported by large platforms (Apple, Android). In this example, it’s possible Tesla takes on the “Apple” role and Rivian attempts to take on the “Android” role...Net, while we will continue to monitor developments and look for more color from the company at upcoming events, we have a difficult time seeing this platform model gaining traction near-term."

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Shares of Rivian Automotive Inc closed at $16.92 yesterday.