- NASDAQ:LCID gained 0.65% as the EV sector revved higher into the close.
- Morgan Stanley analyst Adam Jonas initiates coverage of Lucid.
- The Chinese government wants consolidation in the electric vehicle market.
NASDAQ:LCID investors were unfazed on Monday, when a prominent investment firm initiated coverage of the stock. Shares of LCID climbed higher by 0.65% to close the trading day at $20.06. It was an interesting day all around for the electric vehicle sector, which saw modest gains by the closing bell. Growth stocks struggled on Monday, as the NASDAQ lagged the broader markets, bogged down by weakness in the mega-cap tech stocks. Still, a nice run into the close saw Tesla (NASDAQ:TSLA) gain 0.91% and Nio (NYSE:NIO) add 1.08%, after both trading lower to start the day.
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The big news for Lucid investors on Monday was noted electric vehicle analyst Adam Jonas initiating coverage of Lucid’s stock. Jonas is known for his bullish takes on Tesla, so it is interesting to see that he opened Lucid’s coverage with an ‘underweight’ rating. He also gave an underwhelming price target of $12.00, which represents a near 50% downside from Monday’s closing price. Other notable price targets from Jonas include $900.00 for Tesla, $80.00 for General Motors (NYSE:GM), and a $90.00 bull case for Fisker (NYSE:FSR).
LCID stock price forecast
In other electric vehicle news, the Chinese government has finally focussed its regulatory crosshairs on the EV sector. The CCP has notably been cracking down on tech companies over the past few months, but EV makers have more or less been left alone. Now, the government is calling for consolidation amongst EV makers in the country, which could have a lingering effect on companies like Nio, XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI). It will be interesting to see if the companies will comply with the request, and how it will affect companies like Lucid who may one day look to enter the market.
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