What happened

Charged up about the electric truck maker's prospects, investors chose to park shares of Rivian (RIVN 6.10%) in their portfolios yesterday upon learning of management's interest in partnering with Tesla. The rally, however, isn't extending into today's trading session thanks to an analyst's bearish take on the stock.

After racing out of the gate and climbing 3.9%, shares of Rivian have shifted into reverse and fallen 7.1% as of 12:03 p.m. ET.

So what

Exhibiting less optimism about the stock's potential, Vijay Rakesh, an analyst at Mizuho, reduced the price target on Rivian to $27 from $30, according to Thefly.com. Rakesh revisited the price target, in part, due to the updated expectation that Rivian will deliver 68,000 R1 vehicles in 2024 instead of the original forecast of 78,000 vehicles. Based on yesterday's closing price of $15.70, Rakesh's price target implies upside of 64%.

It's worth noting that this isn't the first price cut that Rakesh has revealed on Rivian's stock. In May, the analyst also reduced the price target from $45 to $30.

Moreover, it's not Rakesh's price target taken in isolation that's likely motivating investors to click the sell button today. Besides news that Rivian drivers will now have access to Tesla's charging network, the market also learned yesterday that Canaccord is holding firm on its $40 price target for Rivian's stock. While this might have contributed to some ebullience yesterday, those who picked up shares on Canaccord's bullish price target may be suffering buyer's remorse today upon learning that not all of Wall Street shares the same enthusiasm.

Now what

While tracking Wall Street analysts' commentary is worthwhile, it's essential for those of us on Main Street to remember that analysts often have shorter investing horizons than the long-term holding periods that we favor. So we should take their price targets with a pinch of salt.

For those on the side of the road, unsure of whether to steer this electric car stock into their portfolios, there's nothing happening today that should move them to act.