Rivian Automotive, Inc. (RIVN) stock surged 5.04% in Tuesday's trading session, fueled by Wall Street's increasingly bullish outlook on the electric vehicle maker's future. Analysts are eyeing Rivian as a potential contender to replicate Tesla's remarkable success in the EV market.

The optimism surrounding Rivian is driven by several factors. Wall Street analysts have set an average price target of $14.72 for RIVN stock, suggesting a 16% upside potential over the next 12 months. Even more bullish is Evercore analyst Chris McNally, who reiterated a "buy" recommendation with an $18 price target, implying a nearly 40% potential gain.

Investors are particularly excited about Rivian's plans to launch three new vehicles priced under $50,000 early next year. This move mirrors Tesla's successful strategy with its Model Y and Model 3, which now account for over 90% of Tesla's vehicle revenue. Additionally, Rivian's progress on its Georgia plant is seen as a crucial step towards scaling production of these more affordable models. With these developments, some analysts believe Rivian could be positioning itself to capture a significant share of the trillion-dollar EV market opportunity, following in Tesla's footsteps.