- 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).
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.
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