LCID - Why Lucid Stock Is Stuck in Reverse Today
2024-04-22 12:35:37 ET
While the S&P 500 and Dow Jones Industrial Average are both driving higher to start the week, shares of Lucid Group (NASDAQ: LCID) are not heading in the same direction. Instead, investors are sending the electric vehicle (EV) manufacturer's stock lower in response to an analyst's lackluster take on it.
As of 11:28 a.m. ET, shares of Lucid are down 5.5%.
Resuming coverage on Lucid stock, Citigroup has assigned a neutral rating and a $2.90 price target. According to thefly.com, Citigroup analyst Itay Michaeli is impressed with the company's new luxury SUV, the Gravity, but sees notable risk with the company's attempt to stay on schedule and begin production of the vehicle in late 2024.
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Why Lucid Stock Is Stuck in Reverse Today