UPDATE: Citi Resumes Lucid Group Inc. (LCID) at Buy

Citi analyst Itay Michaeli resumes coverage on Lucid Group Inc. (NASDAQ: LCID) with a Buy rating and a price target of $57.00.

The analyst comments "We rate Lucid shares Buy/High Risk.Fundamentally, we are constructive on the Lucid story and its position in the EV/Car of the Future theme due to: (1) demonstrated leading EV tech credentials with a best-in-class blend of range, performance, charging dynamics and price; (2) benefits for its speed-to-market with their first vehicle, the Air, launching later this year making Lucid still “early” to the premium EV market; (3) advanced and comprehensive sensor suite leveraged with OTA capabilities. That said, as Lucid is a pre-revenue company and needs to successfully navigate production ramp-ups, we rate the stock High Risk. Potential catalysts in the next 12 months could arise from updates in the Air launch timing and manufacturing ramp, brand awareness/development, ADAS/AV technology development, and the company’s financial performance compared to prior projections."

For an analyst ratings summary and ratings history on Lucid Group Inc. click here. For more ratings news on Lucid Group Inc. click here.

Shares of Lucid Group Inc. closed at $36.83 yesterday.

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