Wall Street analysts set price targets for where they think a stock can go in the next year or so. A high price target can be a good indicator of a growth stock with a lot of potential. But investors should be careful not to assume a stock is a sure thing just because it has a lot of projected upside. In some cases, a stock may only appear to have significant upside because it has fallen sharply of late.

Three stocks that have bullish consensus price targets implying upside of 30% or better are MicroStrategy (NASDAQ: MSTR), Rivian Automotive (NASDAQ: RIVN), and Warner Bros. Discovery (NASDAQ: WBD). Let's take a closer look at these stocks to see whether they are indeed good buys, or if some downgrades could be coming.

MicroStrategy is an intriguing company because its operations center around analytics and helping companies with business intelligence decisions. For the most part, this hasn't been a rapidly growing business. During the first three months of this year, revenue totaled $115.2 million, down 5% from the prior-year period. It also incurred a hefty operating loss of $203.7 million.

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Source Fool.com