Lucid stock gains again as takeover talk keeps buzzing
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Bank of America weighed in on Lucid Group (NASDAQ:LCID) following speculation that the electric vehicle company could be bought out by the Saudi Arabia Public Investment Fund
Analyst John Murphy said the idea that someone would buy a stake through a funding round or take over LCID is not unexpected. The Saudi Arabia Public Investment Fund is noted to already hold a 64% stake and has the ability to provide additional funding.
Murphy and team also note that LCID is advantaged relative to others in the market, including through its class leading technology as seen in the Lucid Air Grand Touring.
Even if the Lucid buyout does not happen, BofA believes LCID has more pieces of the puzzle in place than many of its electric vehicle peers and is steered by a management team with the experience to push the company more successfully from concept to commercialization. The firm has a Buy rating on the EV stock and price objective of $18.
Shares of Lucid Group (LCID) rose 3.81% in premarket trading on Monday to $13.37 to follow on the 43.00% jump last Friday. The 52-week high for LICD is $30.85.