Piper Jaffray upgraded Rivian (RIVN.O) to "Overweight" and raised its price target from $18 to $20. The firm cited increased demand for electric vehicles, smooth progress in the launch of the R2 SUV, and further improvement in Rivian's balance sheet following its recent funding round. Piper Jaffray also expects Rivian's software and services revenue to continue to grow as vehicle sales increase.