Rivian delivered strong fourth-quarter results and issued a 2026 delivery forecast of 62,000 to 67,000 vehicles, representing a 47% to 59% increase over 2025 volumes. Management cited ramped production capacity and improved supply chains as key enablers of the higher output targets.

Deutsche Bank upgraded Rivian to a buy rating and lifted its price target to $23 from $16, joining three other firms issuing bullish notes. With 17 of 19 covering analysts still rating shares a hold or worse, further upgrades could drive additional upside.

Shares surged 26%, reaching their highest level since mid-January and pacing for the largest single-day gain on record. Options volume ran five times the intraday average, with 231,000 calls and 107,000 puts exchanged as 17.9% short interest sets the stage for a potential unwind.