UPDATE: Cantor Fitzgerald Starts Lucid Group Inc. (LCID) at Overweight
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Cantor Fitzgerald analyst Andres Sheppard initiates coverage on Lucid Group Inc. (NASDAQ: LCID) with a Overweight rating and a price target of $23.00.
The analyst comments "We initiate coverage of Lucid Group, Inc. (LCID) with an Overweight rating and a 12- month $23 price target. Lucid is a technology and automotive company that designs, engineers, and builds luxury EVs, powertrains, and battery systems that it sells online or through retail studios. We believe LCID's luxury and premium vehicles provide greater efficiency, longer range, faster charging, and more space relative to its peers. A Luxury Passenger EV with a “Space Concept.” Lucid vehicles are designed to contain a luxurious interior and a compact, efficient exterior that results in more space for the passengers, thus termed the “Space Concept” by LCID. Lucid will compete in the global luxury car market, and the company’s initial product, the Lucid Air, began deliveries to customers in 10/2021. The Lucid Air is equipped with an extensive >30 sensor suite, high on-board computing power, and back-up systems that enable Level 2 autonomous driving functionality. Customers can toggle between three different drive modes: Smooth, Swift, and Spring, and they have ASPs that range from $87,400 for the “Air Pure” to ~$169,000 for the "Air Dream" edition. As of 2Q22, LCID had > 37,000 reservations, which translate to a potential sales volume of ~$3.5B. LCID reported 2Q22 revenue of $97.3M, and according to Allied market research, the TAM for the global luxury vehicle market is projected to grow to ~$733B by 2026. This presents a big opportunity for LCID, in our view, and we model them conservatively capturing a ~2% market share of the Global EV market by 2026."
Shares of Lucid Group Inc. closed at $14.06 yesterday.
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