Bearish Tesla analyst has good news for Rivian stock investors

During its Autonomy & AI Day in December, Rivian introduced the Gen 3 Autonomy Computer, its third-generation compute platform, which it says will have the “leading combination of vehicle sensors and inference available in North America.”

The Gen 3 Autonomy Computer can process 5 billion pixels per second, thanks to the Rivian Autonomy Processor, its proprietary silicon chip that Rivian claims is among the first multi-chip modules used in high-compute automotive applications.

All Rivian vehicle deliveries now come with a 60-day trial of Autonomy+, its hands-free platform.

Tesla shares had a rough session on April 20, dropping more than 2%, but the stock is still up nearly 10% over the past five sessions as it heats up heading into earnings on Wednesday, April 22.

The stock is still down 10.4% year to date, but it has seen a definite uptick in recent days.

Barclays analysts maintained an equal-weight rating and $360 price target on the electric vehicle maker, while TD Cowen analysts were bullish on the stock in separate recent notes.

“Barclays believes Terafab could cost in the mid-single-digit trillion-dollar range if fully built out. While Tesla’s capex is unlikely to ‘exponentially increase,’ a further step up from the elevated $20B figure Tesla talked to on the last earnings call is likely,” Barclays contends.

Barclays analysts pin the recent stock sell-off on a lack of guidance about the company’s Robotaxi and Optimus progress. Tesla said earlier this year it was mothballing its Model S and Model X brands to focus on robotics and AI.

According to the firm, the sell-off “could imply on the surface an opportunity for the stock to outperform” after the Q1 results are released. Barclays, however, says it takes a “more tempered view into the print,” as any suggestions of incremental capex spending “could be perceived negatively.”

Meanwhile, analysts at TD Cowen remained bullish on the company, maintaining its buy rating, while lowering its price target to $490 from $519.

The firm agrees that the lack of news about progress on Robotaxi and Optimus has “dampened sentiment” heading into the Q1 print. It also sees Tesla as better positioned than suppliers to offer investors “reassurances” and retain “guidance credibility.”

TD Cowen believes Tesla has a low risk of guiding down in the earnings call and sees a slightly positive setup for the stock heading into the earnings release on Wednesday, April 22.

Related: Rivian defies expectations despite rough EV environment

This story was originally published by TheStreet on Apr 21, 2026, where it first appeared in the Automotive section. Add TheStreet as a Preferred Source by clicking here.