Citigroup resumes Lucid Motors at Buy Rating and a $57 Price Target.

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

Itay says “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.”

After raising over 100% Lucid’ Price Target from $28 to $57 last November, Citi Group now resumes the Buy Rating and the $57 PT.

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