Rivian Automotive (NASDAQ: RIVN) investors had a traumatic Thursday, as news of rival Fisker's probable restructuring sent electric car investors scurrying for cover. However, no sooner had markets closed for the day (with Rivian stock trading down 8%) than a miracle happened:

Riding in like a banker in bright shining armor, Piper Sandler analyst Alexander Potter announced he's upgrading Rivian to "overweight" -- and raising his price target to $21, implying this EV stock could nearly double in price over the next 12 months.

Defending his thesis, Potter presented the same arguments investors heard during Rivian's last stock price rally: Rivian is postponing construction of a new factory in Georgia, delaying billions of dollars of planned capital spending. Rivian will build its R2 electric SUV at its Illinois plant instead -- and even before it's started, the R2 has already attracted 68,000 preorders. What's more, Rivian's surprise announcement of an upcoming R3 electric hatchback "could be one of the most compelling designs on the market when it is released."

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Source Fool.com