Murphy emphasized the ongoing theme of stronger revenue, improved gross margins and lower operating expenses, with second-quarter results surpassing expectations due to better gross margins driven by fixed cost leverage, material cost reductions and higher revenue per vehicle. The analyst nodded to Rivian's strong liquidity position, eliminating the estimated $5 billion in stock issuances for 2024 and 2025. Read Also: Why Rivian Shares Look Set To Extend Rally Today The Mizuho Analyst: Vijay Rakesh reiterated a Buy rating on the stock, and raised the price target from $30 to $32.