RBC Capital Markets analyst Tom Narayan reiterated the Sector Perform rating on Lucid Group, Inc. (NASDAQ:LCID), lowering the forecast to $3 from $6.
While the company’s management is in dialog with some major OEMs on licensing, these discussions have largely been reactive, according to Narayan.
The analyst lowered Cars per/share value to $0.93 from $1.42 (lowered EV/Sales multiple to 1x from 1.5x).
The Aston Martin deal, which is a supplier deal, not a licensing deal, however, has triggered some interest from OEMs, he adds.
Narayan also reduced Licensing/share value to $2 from $4 on lower probabilities of higher licensing penetration levels until signs of deals being struck are in view.
Lucid ...