Brokerage firm Stifel on Monday lowered the price target on EV maker Lucid Group Inc (NASDAQ:LCID) to $4 from $5 while maintaining its “hold” rating.
What Happened: The brokerage sees several positives for Lucid despite the downward outlook for EV sales in the near term. The positives include the availability of a lower-priced rear-wheel drive version of the company’s flagship Lucid Air sedan starting at $69,900 and its focus on controlling costs.
The brokerage believes the company has the best-in-class technology which has the potential for additional licensing agreements. Further, the company is eyeing production of its Gravity ...