LCID Stock News: Lucid Group Inc drives higher as Citigroup provides a bullish price target

NASDAQ:LCID gained 4.81% during Thursday’s trading session.
CitiGroup resumed coverage of Lucid at a $57.00 price target.
Tesla has a rocky session as the company recalls 475,000 vehicles.

Stocks Reporter FXStreet

NASDAQ:LCID investors received some long awaited good news on Thursday, as a Wall Street analyst bought back in. Shares of Lucid jumped by 4.81% and closed the trading day at $38.75. It has been a trying year for Lucid, exhibiting the growing pains of an early stage, high-growth company. After a long-awaited Wall Street debut in July, Lucid climbed higher out of the gate as investors bought into the narrative of the company being a Tesla (NASDAQ:TSLA) killer. Lucid has hit some rough waters in recent weeks after an SEC investigation and debt offering turned investors off of the stock, sending shares tumbling by 24% over the past month.

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The good news that investors received on Thursday was that CitiGroup is set to resume coverage of Lucid’s stock, and the investment firm is still bullish. It seems as though the analyst understands the EV market better than others, as they stated that Lucid is still a pre-revenue company and should be treated as such by the markets. In a sector that has the potential to explode in 2022, CitiGroup sees a nice 45% upside for the stock, providing a price target of $57.00.

Lucid Motors stock price

It was not as nice of a day for Tesla, as the electric vehicle industry leader saw its shares fall by 1.46% during the session. What was sending Tesla investors packing? For once it wasn’t CEO Elon Musk selling off his own shares, it was that the company announced a recall of 475,000 Model 3 and Model S vehicles. The recall was due to technical issues with the harness strap that holds the rear view camera.

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