LCID Stock News: Lucid Group Inc rides higher on its first analyst ‘buy’ rating
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UNLOCK OFFER- NASDAQ:LCID gained 4.86% on Thursday on a mixed day for the broader markets
- CitiGroup initiated coverage of Lucid and gave a buy rating with a generous price upgrade.
- Tesla Model S Plaid breaks speed record and sets the bar high for Lucid.
NASDAQ:LCID is a stock that has been known to have quite a few retail investors as fans, but on Thursday, a prominent analyst finally weighed in. Shares of Lucid gained 4.86% on Thursday, and closed the day at $19.85. The stock has now almost completely recovered from the one-day sell-off on September 1st as the PIPE investor lockup period came to an end. While sell offs and sentiment change are a part of any growth stock, it appears that the fear over the PIPE lockup period expiring were completely blown out of proportion.
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The analyst that initiated coverage on Lucid is Itay Michaeli of CitiGroup. Michaeli gave Lucid’s stock a buy rating, and a generous price target of $28.00 per share. Considering the stock currently trades at under $20.00, Michaeli’s price target represents nearly a 48.0% ceiling from Thursday’s closing price. Michaeli stated that any risks and concerns are already baked into the stock’s valuation. A second firm followed Michaeli’s lead when CFRA Research initiated coverage with a $25.00 price target.
LCID stock price forecast
Lucid’s rival Tesla (NASDAQ:TSLA) was making new headlines as always on Thursday. CEO Elon Musk confirmed that the new super-charged Model S Plaid hit a new course record for electric vehicles at the Nurburgring racetrack in Germany. The 1,020 horsepower Model S Plaid beat the Porsche Taycan Turbo’s previous record by over 11 seconds, and is now planning to run the track again with increased aerodynamic pieces and stickier tires.
- NASDAQ:LCID gained 4.86% on Thursday on a mixed day for the broader markets
- CitiGroup initiated coverage of Lucid and gave a buy rating with a generous price upgrade.
- Tesla Model S Plaid breaks speed record and sets the bar high for Lucid.
NASDAQ:LCID is a stock that has been known to have quite a few retail investors as fans, but on Thursday, a prominent analyst finally weighed in. Shares of Lucid gained 4.86% on Thursday, and closed the day at $19.85. The stock has now almost completely recovered from the one-day sell-off on September 1st as the PIPE investor lockup period came to an end. While sell offs and sentiment change are a part of any growth stock, it appears that the fear over the PIPE lockup period expiring were completely blown out of proportion.
Stay up to speed with hot stocks' news!
The analyst that initiated coverage on Lucid is Itay Michaeli of CitiGroup. Michaeli gave Lucid’s stock a buy rating, and a generous price target of $28.00 per share. Considering the stock currently trades at under $20.00, Michaeli’s price target represents nearly a 48.0% ceiling from Thursday’s closing price. Michaeli stated that any risks and concerns are already baked into the stock’s valuation. A second firm followed Michaeli’s lead when CFRA Research initiated coverage with a $25.00 price target.
LCID stock price forecast
Lucid’s rival Tesla (NASDAQ:TSLA) was making new headlines as always on Thursday. CEO Elon Musk confirmed that the new super-charged Model S Plaid hit a new course record for electric vehicles at the Nurburgring racetrack in Germany. The 1,020 horsepower Model S Plaid beat the Porsche Taycan Turbo’s previous record by over 11 seconds, and is now planning to run the track again with increased aerodynamic pieces and stickier tires.
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