Electric Vehicle Company Rivian Automotive Inc RIVN released first quarter financial results Revenue and earnings per share both beat analyst estimates.

Here’s a look at what analysts are saying after the report.

The Rivian Analysts: Truist Securities analyst Jordan Levy had a buy rating and a price target of $28.

RBC Capital Markets analyst Tom Narayan had a sector perform rating and a price target of $14.

Cantor Fitzgerald analyst Andres Sheppard had an Overweight rating and a price target of $27.

Needham analyst Chris Pierce had a buy rating and a price target of $26.

Related link: Trading strategies for Rivian shares after Q1 results

The Analyst Takeaways: Truist Securities’ Levy said first-quarter results showed that Rivian “executes where it matters most.”

“RIVN’s first quarter results, in our view, demonstrated continued strong execution in increasing volumes, adopting new technologies and, perhaps most importantly, reducing costs,” said Levy.

The analyst said gross margin losses per vehicle were reduced in the quarter, although commercial shipments were impacted. The company repeated positive gross margins through fiscal 2024.

“RIVN reiterated its 50,000 vehicle production guidance for FY23 as we continue to see volume growth as the biggest lever the company has to improve its margin profile, along with continued cost reduction efforts.”

The analyst also noted that Rivian mentioned ongoing discussions with Amazon.com, Inc. AMZN about its exclusivity for commercial vehicles. Amazon is an investor in the company and has ordered commercial vehicles under an exclusive deal that lasts until 2026.

“We would view an agreed release of exclusivity as a significant benefit for RIVN, allowing the company to extend its computing efforts to long-term customers with smaller commercial fleets.”

RBC Capital Markets’ Narayan called Rivian a “show-me story”. The analyst said the company beat first-quarter results but maintained current guidance, which…