Rivian's stock rose 5% today after TD Cowen upgraded them to Buy with a $20 price target. The analyst expects their new R2 model to hit 212k to 335k annual sales, which is well above current Wall Street estimates. R2 deliveries are supposed to start in April with a price tag around $45k. TD Cowen thinks U.S. EV sentiment has bottomed and this cheaper model will attract mainstream buyers who couldn't afford the R1. There are still some headwinds though, mostly around affordability and competition from hybrids and Tesla's Model Y.