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This Analyst Sees More Than 50% Upside In Lucid After Q4 Deliveries

Published 23/01/2023, 20:03
© Reuters.  This Analyst Sees More Than 50% Upside In Lucid After Q4 Deliveries
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Benzinga -

  • Citi analyst Itay Michaeli resumed coverage of Lucid Group, Inc (NASDAQ: LCID) with a Buy rating and a $12 price target.
  • Citi's latest model & valuation framework incorporated Lucid's reported Q3 results, Q4 deliveries, Q4 capital raise, recent macro pressures & industry EV price actions, lower peer comps, and an intensifying competitive environment.
  • Despite recent and ongoing headwinds, Lucid's latest Q4 production update & balance sheet actions encouraged the analyst.
  • Also Read: Tesla Rival Lucid Offers $7,500 Discount On Its Air Sedan: Here's How To Qualify
  • The analyst continues to like the company's technology & product positioning in the EV race.
  • Citi's key focus areas now include the continued production ramp of the Air, upcoming reservations, demand updates, the company's go-forward pricing strategy, 2023 gross margin outlook, and Gravity launch milestones.
  • With production execution improving, near-term liquidity addressed, and expectations have come down, the analyst liked the risk and reward here but expected continued near-term volatility amid ongoing macro and competitive developments.
  • Price Action: LCID shares traded higher by 9.97% at $8.60 on the last check Monday.
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

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