Lucid Group Inc. (LCID) PT Lowered to $2 at Baird

Baird analyst Ben Kallo lowered the price target on Lucid Group Inc. (NASDAQ: LCID) to $2.00 (from $3.00) while maintaining a Neutral rating.

The analyst commented: "LCID reported Q2 results which were in line with revenue estimates, and fell short of our/consensus for EBITDA and EPS. Permanent magnets were called out as a supply pinch point in Q2 which nearly caused a production pause, but LCID has now procured enough supply to reach its full-year production targets. Recent announcements regarding increased efforts to grow brand awareness and enter into the robotaxi market are positives in our view, but we believe the true catalysts will be cost reductions (vehicle profitability) and a potential tech licensing deal."

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