LCID - Why This Lucid Analyst Is Bullish On The EV Maker Despite Q3 Disappointment | Benzinga
Premium electric vehicle manufacturer Lucid Group, Inc. (NASDAQ:LCI) reported below-consensus third-quarter revenue and also lowered its production guidance for 2023. The stock has reacted to the results with a move to the downside. Notwithstanding the subpar results, Needham analyst Chris Pierce reiterated a Buy rating on the stock. He lowered his price target from $9 to $5.
Needham’s Bullish Thesis: Pierce premised his optimism regarding Lucid on the company’s “industry-leading” battery and drive-train technology. “We continue… to see legacy OEMs struggle to make affordable EVs, with LCID a willing potential technology partner to drive ...