Al Root

The electric-vehicle startup Rivian Automotive has followed EV leader Tesla in a few ways, including as a source of controversy among analysts on Wall Street.

Rivian shares were up 2.8% in early trading on Wednesday at $16.93, while the S&P 500 and Dow Jones Industrial Average were up 0.6% and 0.5%, respectively.

The move came after Edmunds named the Rivian R1T pickup its top-rated electric truck for 2026. "From its tech to its literal abundance of power, this electric pickup truck is fast, capable off-road, and the best-looking in its class," wrote Gabriel Vega Cortés, editor of vehicle testing.

Tesla's Model 3 was named the best EV car and the Hyundai Motor Ioniq 5 took home the honors for the best electric SUV. In the internal-combustion category, the Honda Civic Hybrid and Hyundai Pallisade Hybrid were the top cars and SUVs. The Ford Maverick was the top truck.

Rivian stock rose on Wednesday after falling 7.1% on Tuesday. Triggering that slide was news that D.A. Davidson analyst Michael Shlisky downgraded the shares to Sell from Hold. His price target went to $14 from $15.

Shilsky isn't worried about the R1T. His concern is Rivian's R2 platform, lower-cost EVs that are due out in the first half of 2026. Those vehicles are supposed to boost Rivian's shipments to about 65,000 vehicles in 2026, up from 42,000 in 2025, even though the loss of the $7,500 federal EV purchase tax credit, which expired in September, made EVs less affordable.

It is hard to launch new cars smoothly. There could be production or sales hiccups that unnerve investors. Expectations around the launch are running high: Despite Tuesday's dip, Rivian stock was up 11% over the past three months.

With the downgrade, 21% of analysts covering Rivan stock rate the shares at Sell, according to FactSet. The average Sell-rating ratio for stocks in the S&P 500 is about 7%.

Higher-than-average Sell ratings are very Tesla-like. Almost 20% of analysts covering Tesla stock rate shares as Sell. On the positive side, 43% of analysts who cover Tesla rate the stock at Buy, while the comparable number for Rivian is 36%.

Significant numbers of both Buy and Sell ratings are one sign of Wall Street controversy.

Another is the so-called price-target spread. The difference between the top and bottom targets for Tesla stock is about $500, or more than 100% of the current stock price. The difference for Rivian is about $15, or almost 100% of the current stock price.

Gaps that wide are unusual. The bull-bear spread for Alphabet stock is about $120, or about 40% of the current stock price. Alphabet stock also has no Sell ratings.

Similarities between Tesla and Rivian go beyond Wall Street. Rivian, like Tesla, has its own charging and dealer networks. Rivian is also using AI to train its driver-assistance features.

Now they both have top-rated EVs from Edmunds.

Write to Al Root at allen.root@barrons.com

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February 18, 2026 11:04 ET (16:04 GMT)

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