LCID Stock News: Lucid Group Inc rebounds as Bank of America provides bullish outlook


  • NASDAQ:LCID gained 5.07% on Wednesday as the EV sector rides higher.
  • Bank of America initiates coverage on Lucid and provides a generous price target.
  • The EPA officially names the Lucid Air Dream with the longest range on a single charge.

NASDAQ:LCID investors had a lot to smile about on Wednesday, as two major announcements provided a clearer picture of the company’s future. Shares of LCID gained 5.07% on Wednesday, and closed the trading day at $19.91. It certainly helped Lucid’s case that the broader markets were rallying after two bearish sessions to start the September OPEX week. The EV sector was lifted by Tesla (NASDAQ:TSLA), as the flagship EV stock surged by 1.52%. Other EV stocks that were trading higher include Nio (NYSE:NIO), Ford (NYSE:F), and General Motors (NYSE:GM). 


Stay up to speed with hot stocks' news!


One of those major announcements was a bullish outlook as the Bank of America initiated coverage of the stock. Analyst John Murphy initiated a buy rating for the stock and provided a generous price target of $30.00. The news comes on the heels of Morgan Stanley analyst Adam Jonas initiating coverage with an underweight rating and an extremely bearish $12.00 price target. Murphy made some lofty comparisons including drawing parallels to Tesla and even Italian automaker Ferrari. Needless to say the stock reacted appropriately as investors bought back the dip that was brought on by Jonas’ downgrade.

LCID stock price forecast

Another announcement for Lucid came in the form of a report from the Environmental Protection Agency. The report awarded Lucid’s Air Dream sedan with the longest range per single charge for any electric vehicle in history. The Air Dream received an official range of 520 miles per charge, which easily tops Tesla’s Model S range of only 405 miles. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD extends sideways grind around 1.1650 after mixed US data

EUR/USD is struggling to find direction on Thursday and continues to fluctuate in a relatively tight range around mid-1.1600s. Mixed data releases from the US don't seem to be having a noticeable impact on the greenback's performance against its major rivals.

EUR/USD News

GBP/USD struggles to pull away from 1.3800

GBP/USD retraced a portion of Wednesday's during the European trading hours pressured by the renewed USD strength and the souring market mood. With the latest US data failing to trigger a reaction, the pair stays in a consolidation phase near 1.3800.

GBP/USD News

XAU/USD struggles for direction, flat-lined above $1,780 level

The risk-off impulse in the markets extended some support to the safe-haven gold. Elevated US bond yields, a modest USD strength capped the upside for the metal. Bulls need to wait for a move beyond the $1,800 mark before placing fresh bets.

Gold News

Buying Solana now to gain 700% profits by 2022

Solana price has been on a massive run-up in 2021 from $1 to $216 in roughly eight months. This stellar climb is likely to continue into 2022 as significant bullish signs emerge. Moreover, the start of a new bull run will serve as a tailwind for SOL.

Read more

Netflix: Three reasons to sell NFLX after earnings

NFLX has been strong into earnings as investors digested the massive success of Squid Game and hoped this would feed through into very strong subscriber numbers. Netflix was out straight after the bell with earnings.

Read more

Forex MAJORS

Cryptocurrencies

Signatures