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

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.