Lucid Group powers higher after Cantor Fitzgerald makes bull call
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Cantor Fitzgerald started off coverage on Lucid Group (NASDAQ:LCID) with an overweight rating
Analyst Andres Sheppard and team believe LCIDâs luxury and premium vehicles provide greater efficiency, longer range, faster charging, and more space relative to its peers. Of note, they observed that Lucid vehicles are designed to contain a luxurious interior and a compact, efficient exterior that results in more space for the passengers.
Lucid (LCID) is seen competing well in the global luxury car market and capturing roughly 2% of the global EV market by 2026. Crucial to the Lucid growth story is the agreement with Saudi Arabia to buy up to 100K vehicles over a 10-year time period. That deal is anticipated to help the EV upstart ramp up production quickly.
Cantor Fitzgerald assigned a price target of $23 to LCID vs. the 52-week trading range of $13.25 to $57.75. Shares of LCID perked up on Tuesday morning with a 2.99% gain to $14.48.
Read the latest breakdowns on Lucid Group from Seeking Alpha contributors.