After weaker-than-expected quarterly results from luxury electric vehicle maker Lucid , analysts are now turning their attention to rival Rivian . The EV maker is set to report second-quarter results after Tuesday’s closing bell. Analysts polled by FactSet are forecasting an adjusted loss of $1.43 per share on $1.1 billion in revenue. Rivian has had a strong 2023, with the stock surging more than 31%. Despite some analysts on Wall Street going as far as to predict Rivian is in the beginning stages of a larger growth story , the EV sector is seeing growing competition and stiffer pricing thanks to Tesla’s recent price cuts. RIVN YTD mountain Rivian has added more than 31% from the start of the year. Still, analysts remain bullish on Rivian ahead of its earnings release. Needham’s Chris Pierce reiterated a buy rating on the EV maker in a July 27 note and raised his price target to $31 per share from $28. His forecast implies roughly 28% upside from Monday’s $24.28 close. The analyst highlighted the strength of both Rivian’s SUV and pickup trucks as well as the company’s ability to serve as a “demand creator.” “RIVN’s combination of solid demand (particularly as peer demand appears to sputter) and ramping vehicle production, as well as detailed per-vehicle cost savings increase our confidence in our long-term estimates, with our updated price target representing 25x our ’27 adj EBITDA estimate discounted back, vs 22.5x prior,” Pierce said. Meanwhile, Morgan Stanley’s Adam Jonas reiterated an overweight rating on Rivian in a July 7 note, accompanied by a $24 per share price target. Jonas’ forecast is already in line with the stock’s current trading levels. “Rivian is a well capitalized pure EV startup OEM that can leverage its strategic relationship with Amazon to derive scale and build software and services competencies for its consumer business,” Jonas said. He added that he his forecast calls for Rivian’s revenue to grow at a compounded annual growth rate of roughly 30% from 2025 to 2030. Mizuho Securities analyst Vijay Rakesh raised his price target to $30 per share from $27 in a July 18 note and also reiterated a buy rating. Rakesh noted an overall bullish outlook on the EV sector, and noted that Rivian would likely surpass its estimates for vehicle deliveries. “We remain positive on RIVN with potential to exceed its 50k delivery estimate for 2023E,” Rakesh said. Elsewhere, DA Davidson’s Michael Shlisky is neutral on Rivian after an upgrade from underperform on July 5, with an $18 per share price target which equates to about 26% downside. Despite the upgrade and positive sentiment derived from the company’s entry to the European market with its Amazon delivery van, the analyst noted that potential future headwinds remain. “Many other reasons to be cautious remain, especially new EV product introductions from legacy peers such as the Mercedes EQB and the forthcoming Escalade IQ,” Shlisky said. — CNBC’s Michael Bloom contributed to this report.