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 (MSTR -0.56%), Rivian Automotive (RIVN -0.19%), and Warner Bros. Discovery (WBD 1.88%). 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: 30% upside

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.

The reason for this result was a digital asset impairment loss totaling $191.6 million. The company is incredibly bullish on Bitcoin, and in the first line of the company's earnings release, MicroStrategy highlighted that it was "the largest corporate holder of bitcoin." It even reported that as of the end of the quarter, it had 214,400 bitcoins.

MicroStrategy is a volatile stock that seems to be trying to get some of the excitement around Bitcoin behind its business as well -- and it has worked as the stock has more than doubled since January. Its fundamentals, however, don't look great. The company struggles with profitability, and it carries a lot of exposure to Bitcoin.

This stock looks to be overdue for some downgrades, and investors should take heed.

Rivian Automotive: 91% upside

Electric vehicle maker Rivian Automotive is poised to rise by more than 90% if you believe Wall Street analysts as they have a consensus price target of nearly $20.

Rivian has been struggling right along with rival Tesla this year as rising competition from China and concerns about demand amid challenging economic conditions have investors worried about the future of these EV makers. Rivian is a far riskier stock than Tesla as it is less established and it isn't profitable.

Its shares have plummeted more than 56% this year (Tesla is down by 26%). That decline is likely a key reason why Rivian's stock looks like it possesses a lot of upside now. At the start of the year, the stock was trading at more than $20; analysts likely weren't expecting such a sharp and quick sell-off.

It'll be a tough road ahead for Rivian's stock, though. The company is nowhere near profitability, normally incurring quarterly losses of well over $1 billion. And with Rivian reducing the prices on its vehicles, the outlook for the stock doesn't look any better right now.

This is a risky stock to be holding. Investors shouldn't assume this one will rise higher, as more downgrades could be around the corner for Rivian.

Warner Bros. Discovery: 73% upside

Media company Warner Bros. Discovery has also been struggling, with its shares falling 30% this year. Like the other stocks on this list, Warner Bros. hasn't been in great shape, normally incurring losses.

The company has been working on growing its subscriber base for HBO Max and Discovery+, but its goals appear underwhelming. By 2025, it hopes to have 130 million subscribers, which is less than half of the roughly 270 million subscribers that Netflix currently has. A potential catalyst on the horizon this year is the planned launch of a sports streaming service which will involve Warner Bros. Discovery, Fox, and ESPN (which Walt Disney owns).

Last year, the company generated some good growth with revenue of $41.3 billion rising by 22% year over year. And its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) earnings rose by 32% to $10.2 billion.

Warner Bros. Discovery is a bit of a risky stock, but it's the best buy on this list. With some excellent brands in its portfolio, there's a lot to like about its future prospects. While I don't think it will rise as much as 70% in the next year or so, investors who are willing to take a chance on the stock could generate some good returns.