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Analysts revise Lucid stock price target ahead of earnings

Analysts revise Lucid stock price target ahead of earnings
Elmaz Sabovic

Lucid (NASDAQ: LCID) stock has taken a beating in recent quarters due to lower-than-expected sales and production, resulting in a sharp decline in its value.

The company, renowned for its Air sedan and upcoming Gravity SUV, struggled to meet production targets due to supply chain challenges and market conditions. Despite optimistic expectations for vehicle production, Lucid fell short, producing only 7,180 vehicles in 2022 and 8,428 vehicles in 2023.

In 2023, revenue decreased despite an uptick in deliveries, while operating losses widened. Although analysts anticipate a revenue uptick in 2024, concerns persist about the company’s ability to turn things around amidst ongoing market uncertainties.

What do analysts expect from LCID earnings on May 6?

As Lucid prepares for its Q1 report on May 6, the company continues to face challenges. It’s anticipated to report a loss of $0.25 per share, which, while still significant, reflects a 37.09% improvement compared to the same period last year. 

Analysts foresee a gradual reduction in losses throughout the year, with subsequent quarters also expected to see narrower losses.

On April 22, Citi gave LCID stock a ‘Neutral’ rating and a price target of $2.90. The reinstated coverage reflects cautious optimism about the electric vehicle (EV) manufacturer’s prospects, balanced against certain risks.

On March 25, Morgan Stanley analyst Adam Jonas maintained a Lucid rating of ‘Underweight’ and a $3 price target.

Revenue expectations for Q1 stood at $179.23 million, indicating a 19.94% year-over-year growth. This suggests some progress in revenue generation despite the hurdles in production and delivery. 

Additionally, Lucid delivered more vehicles than it produced in this quarter, addressing its inventory surplus and offering a potential positive outlook for inventory management.

LCID stock price chart

As the markets prepare to open, LCID stock saw a dip of 0.78% in premarket trading on May 1, with shares priced at $2.55. Despite this, the previous five trading sessions have been more positive for LCID stock, adding 0.39% to its overall value.

However, on a year-to-date basis, LCID shares have suffered a loss of 38.85%, highlighting the recent challenges facing the EV maker.

LCID stock YTD price chart. Source: Google Finance
LCID stock YTD price chart. Source: Google Finance

Although there’s been some improvement compared to past quarters, Lucid still has a considerable journey ahead to regain its former standing in the EV industry. The challenges it faces are bound to make the path to recovery even more challenging.

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