Baird analyst Ben Kallo reiterated an Outperform rating and $23.00 price target on Rivian (NASDAQ: RIVN).

The analyst commented: "No change in outlook. RIVN reported Q3 deliveries this morning which beat our/ Street estimates and grew ~58% sequentially as R2 deliveries ramp. This is a strong sign for early demand, and we expect R2 trends will be a focal point of the quarterly update. While EVs have been a quieter piece of our coverage (in terms of investor inbounds) over the last several quarters, we believe there are industry tailwinds including new models rolling out, rising fuel prices, and production costs declining. We are updating our model for deliveries."

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Shares of Rivian closed at $14.30 yesterday.