Lucid Group falls again as analysts reset expectations
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Morgan Stanley said expectations on Lucid Group (LCID
-8.1%) have taken an important jump closer to reality after the bar was set lower for 2022 deliveries and cash flow, although shares are said to still be overvalued.

Analyst Adam Jonas and team maintained that Tesla has a clear advantage over Lucid with the EV automaker still in expansion and capacity build mode while it builds on technological core competencies.
The firm dropped its price target on LCID to $12 from $16, which works out to 10X the 2027 EBITDA estimate or 14X the 2030 price-to-earnings estimate. The PT also reps a post-SPAC low for the EV stock.
Shares of Lucid Group are now down 40% on a year-to-date basis.

Looking for a bullish take on Lucid? Read why Seeking Alpha author On the Pulse thinks the post-earnings drop in Lucid's share price is overdone.