BofA Securities Resumes Lucid Group Inc. (LCID) at Neutral

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Go back to BofA Securities Resumes Lucid Group Inc. (LCID) at Neutral

Bank of America Neutral on Lucid (LCID) as delivery numbers fall short

July 17, 2023 8:48 AM EDT

Bank of America reiterated a Neutral rating on Lucid Group (NASDAQ: LCID) with a 12-month price target of $8.00 after the automaker announced delivery numbers below forecasts. LCID reported a total of 1,404 deliveries in 2Q23. Although this marked a significant 107% year-over-year increase, it fell short of Bank of America's forecast of 2,200 by 36%. Additionally, it was 23% lower than the consensus estimate of 1,818 and showed minimal change from the first quarter of 2023, where deliveries stood at 1,406.

Analyst John Murphy wrote... More