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Lucid's Tech Outperforms Tesla, But Demand Lags: Analyst Initiates Sector Perform Rating

Published 08/09/2023, 19:31
Updated 08/09/2023, 20:40
© Reuters.  Lucid's Tech Outperforms Tesla, But Demand Lags: Analyst Initiates Sector Perform Rating
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Benzinga - by Lekha Gupta, Benzinga Editor.

RBC Capital Markets analyst Tom Narayan initiated coverage on Lucid Group Inc (NASDAQ: LCID) at Sector Perform rating with a price target of $6.

Given its competitive offering, the analyst believes Lucid's technology is 12%-23% more efficient than its nearest peer Tesla Inc (NASDAQ: TSLA), and at least 30% better than all other OEMs.

The analyst notes that despite compelling product offerings, Lucid's brand awareness is low and sees modest momentum behind demand acceleration.

Narayan cites Lucid’s long-term strategic technology partnership with the British car manufacturer Aston Martin as a proof point for future licensing deals.

Also Read: Lucid Eyes Expansion Into Chinese Market, Confirms Plans For Mass-Market EV Models

The analyst estimates revenue and adjusted EBITDA loss of $769.8 million and $(2,754.2) million for FY23, $1,352.6 million and $(2,256.1) million for FY24 and $2,294.9 million and $(1,180.5) million for FY25.

Price Action: LCID shares are trading lower by 2.67% at $5.84 on the last check Friday.

Photo Via Company

Latest Ratings for LCID

DateFirmActionFromTo
Mar 2022Morgan StanleyMaintainsUnderweight
Jan 2022Redburn PartnersInitiates Coverage OnNeutral
Dec 2021GuggenheimInitiates Coverage OnNeutral
View More Analyst Ratings for LCID

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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