Share prices of electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) have been on the decline since it reported first-quarter production and delivery numbers earlier this week. But analysts at Cantor Fitzgerald think this presents investors with a new opportunity.

The firm maintained the equivalent of a buy rating on Rivian shares this week with a price target of $23. That would represent a massive 128% gain over the next 12 months or so from its current price.

This enthusiasm for the stock is all about what the company has planned for its next phase of growth.

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Source Fool.com