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Lucid Group Stock Gains on Analyst Price Target Hike Despite Neutral Stance
Lucid Group Stock Gains on Analyst Price Target Hike Despite Neutral Stance
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BTCCSquare news:
Lucid Group (LCID) shares accelerated more than 3% Wednesday after Cantor Fitzgerald's Andres Sheppard raised his price target by 30% to $26 per share. The MOVE came despite maintaining a neutral rating, highlighting the EV maker's ambitious production targets rather than fundamental optimism.
Executives reaffirmed 2024 production guidance of 18,000-20,000 vehicles during investor meetings, potentially doubling last year's output. Sheppard's revised estimate aligns with this range at 18,500 units, suggesting institutional confidence in execution capability even as broader markets dipped.
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