Lucid Group rallies after R.L. Lafferty issues bull call
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Lucid Group (NASDAQ:LCID) attracted another bull rating with R.F. Lafferty & Co. positive on the luxury electric vehicle maker's ability to target high-end customers with sedans, SUVs, crossovers, pickup trucks, and coupes by the end of the decade.
Analyst Jaime Perez pointed to the strong order book for Lucid Group (LCID) with reservations for the Air model greater than 37,000 units at a value of $3.5B. He noted that current reservations exclude a recent agreement with the government of Saudi Arabia for the Kingdom to purchase up to 100K Lucid EVs over ten years.
Perez and team assigned Buy rating on LCID and a $19 price target. The price target is based on a 10.0X price-to-sales multiple and 2023 sales of $2.8B.
Shares of LCID were one of the top gainers in the electric vehicle sector with a 6.70% rally to $16.09. The 52-week trading range for the EV stock is $13.25 to $57.75.