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Wall Street sets Lucid stock price for the next 12 months

Wall Street sets Lucid stock price for the next 12 months
Elmaz Sabovic

The recent performance of Lucid (NASDAQ: LCID) stock has been characterized by more setbacks than successes. As the electric vehicle (EV) industry grapples with production and delivery challenges, smaller players like Lucid appear to bear the brunt of these difficulties.

Furthermore, the recent earnings report only adds to the strain on LCID stock, with Lucid falling short of all analyst expectations

In the first quarter, the company reported a loss per share of $0.30, which was $0.05 worse than analysts’ projected $0.25. Additionally, quarterly revenue stood at $172.7 million, failing to meet the consensus estimate of $173.57 million.

Upon the release, LCID stock fell 14.10% in the latest trading session below the crucial $3 level, setting its price at $2.62. This is contradictory to gains in the last five days, which added 4.72% value.

LCID stock 24-hour price chart. Source: Finbold
LCID stock 24-hour price chart. Source: Finbold

The new partnership is an optimistic sign for Lucid

Lucid Motors is broadening its horizons with a new collaboration to increase the brand’s appeal worldwide. The electric vehicle startup has teamed up with the King Abdulaziz City for Science and Technology (KACST), a government organization based in Saudi Arabia. 

This collaboration will enable Lucid to leverage KACST’s services, products, and research facilities for various projects; Lucid intends to utilize these resources for ‘dedicated research into advanced battery technologies and materials.’

With the imminent launch of the Gravity SUV, Lucid may have the opportunity to shift its fortunes in 2024.

Wall Street’s forecast for LCID stock

The recent dip in LCID stock has caused TipRanks analysts to further reduce their targets for LCID stock over the past 3 months. Based on nine examinations, they bestowed a ‘hold’ rating. Of these, six recommended a ‘hold,’ two to ‘sell,’ and only one advised a ‘buy.’

Despite the recent downturn, the price target for LCID shares is set at $3.21, which represents a 22.52% upside from current price levels.

Wall Street 12-month stock price target for LCID. Source: TipRanks
Wall Street 12-month stock price target for LCID. Source: TipRanks

RBC Capital analysts reacted to Lucid’s latest quarterly report with skepticism about investor expectations. The stock had surged 10% before the report, leading some to anticipate a positive guidance revision.

According to RBC, the focus is on demand for Lucid’s Gravity SUV, which management believes has significant market potential compared to its sedans. Additionally, the company secured $1 billion in financing, bringing liquidity to $5 billion by the end of the first quarter.

RBC Capital maintained its ‘Sector Perform’ rating and $3 per share price target on Lucid. 

Meanwhile, Evercore ISI kept an in-line rating with a $2 per share price target, suggesting ongoing challenges for the company. Evercore highlighted the delayed timeline for Lucid’s ‘mid-size platform’ and expressed doubts about the brand’s awareness and volume issues.

However, as more ratings come in after the abysmal earnings report, the price target for LCID stock is poised to go down further.

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