LCID Stock News: Lucid Group Inc upgraded by Bank of America with $30 target

NASDAQ:LCID fell by 5.5% on Tuesday as the broader markets tumbled yet again.
Lucid investors are digesting Morgan Stanley’s price target for the stock.
It was another day of mediocre gains and mostly losses for the electric vehicle sector.

Stocks Reporter FXStreet

Update: Lucid Motors (LCID) stock is trading higher in Wednesday's premarket as Bank of America is out with coverage on the stock. The bank has initiated coverage with a Buy rating and a $30 price target. LCID stock is trading over 2% higher in the premarket.

NASDAQ:LCID drove lower on Tuesday, as the stock continues to languish in range ahead of the Production Preview Week event at the end of the month. On Tuesday, shares of Lucid fell by 5.5% and closed the day at $18.95. It was a sort of delayed reaction for Lucid following yesterday’s release of Morgan Stanley’s initial coverage of the stock. Lucid continues to struggle to hold support, and is trading well below both the key 50-day and 200-day moving averages, signalling that the stock has been trading lower.

Stay up to speed with hot stocks' news!

The initial coverage from noted electric vehicle analyst Adam Jonas clearly did not sit well with Lucid investors on Tuesday. Jonas initiated an underweight rating with a bearish price target of $12.00. Lucid is one of the more popular stocks amongst retail investors so many took to social media in outrage. Jonas noted that the premium EV sector is not as large as Lucid believes it is, and that the company will have difficulty in general competing with more established brands like Tesla (NASDAQ:TSLA). The analyst also spoke about Lucid’s $31 billion valuation, and that the most bullish possible outcomes for the company are already baked into the price.

LCID stock price forecast

Lucid wasn’t the only EV stock to be trading lower on Tuesday, as the broader markets showed continued volatility during September OPEX week. Tesla managed a last second comeback at the closing bell to finish 0.20% higher, while Nio (NYSE:NIO) closed the day lower by 1.30%. Ford (NYSE:F) and General Motors (NYSE:GM) also finished lower on Tuesday, as all three major indices declined during the session.

Author

Stocks Reporter

FXStreet

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold eases from mid-May highs; holds above $4,600 amid bearish USD

Gold pulls back slightly from its highest level since mid-May, touched during the Asian session on Monday, though it manages to hold above $4,600. Diminishing odds of an immediate Fed rate hike continue to undermine the US Dollar despite further escalation of US-Iran tension and inflation risks stemming from higher oil prices. This continues to underpin the non-yielding bullion, though bulls seem hesitant ahead of key US inflation data and Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium later this week.

Week ahead: Fed’s Jackson Hole and Nvidia earnings to dictate markets

The new Fed chair, Kevin Warsh, has made few public appearances since taking the central bank helm in May, yet he’s found it difficult to steer off controversy. Question marks about his relations with the President, Donald Trump, continue to swirl, while markets are still trying to make sense of his approach to monetary policy.

CFTC Report: Oil positioning rebounds; VIX and Yen exposure turn more bearish

The week in one sentence: Speculative positioning turned more constructive in the week to August 18. WTI recorded the largest increase, followed by a sharp narrowing in CAD net shorts. VIX and JPY positioning moved the other way, while Gold remained the clearest crowded long despite a softer spot price.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.