LCID Stock News: Lucid Group Inc rides higher on its first analyst ‘buy’ rating

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.

Stocks Reporter FXStreet

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.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.