Lucid Group rallies 10% after Citi recharges its buy rating on the EV stock
hapabapa

Lucid Group (NASDAQ:LCID) drove higher on Monday after Citi resumed coverage with a Buy rating.
The firm said it is encouraged by Lucid's (LCID) latest Q4 production update and balance sheet actions in the face of industry-wide headwinds.
"We continue to like the companyâs technology and product positioning in the EV race," noted analyst Itay Michaeli. "Key focus areas now include the continued production ramp of the Air, upcoming reservation/demand updates, the companyâs go-forward pricing strategy, 2023 gross margin outlook and Gravity launch milestones," he added.
Seeking Alpha author Cavenagh Research was also out with a positive note on Lucid Group (LCID) on Monday. The EV stock earned a buy rating from Cavenagh with Lucid standing out due to its product offering, large market opportunity, and solid financial position.
What to watch: Lucid Group (LCID) is one of the electric vehicle stocks that correlates strongly with the direction of Tesla on its earnings day. Tesla is due to report earnings on Wednesday.
Shares of Lucid Group (LCID) rallied 10.34% in afternoon trading on Monday amid a broad push higher for EV stocks.