Rivian Automotive, Inc. (RIVN) saw its stock price surge 5.04% in intraday trading, as Wall Street analysts maintain a bullish outlook on the electric vehicle maker's future prospects. The rally comes amid growing excitement about Rivian's potential to capture a significant share of the burgeoning EV market, with some analysts drawing parallels to Tesla's remarkable success story.

Evercore analyst Chris McNally reiterated a "buy" recommendation for Rivian with an $18 price target, suggesting a potential upside of nearly 40%. This optimism is rooted in Rivian's strategic moves, including the upcoming launch of three new vehicles priced under $50,000 and progress on its Georgia manufacturing plant. These developments are seen as crucial steps in Rivian's efforts to scale up production and potentially replicate Tesla's success with its more affordable Model Y and Model 3 vehicles.

While Rivian's current market capitalization of $16 billion pales in comparison to Tesla's $1 trillion valuation, many Wall Street analysts believe the company is positioning itself to capture a significant portion of the expanding EV market. The average price target among analysts stands at $14.72 per share, indicating confidence in Rivian's growth trajectory. As the company prepares to enter the mass-market segment with its new affordable models, investors appear to be betting on Rivian's potential to become a major player in the electric vehicle industry.