Baird analyst Ben Kallo raised his price target on Lucid Motors to $3.00 on Monday, up 50% from a previous target of $2.00, while maintaining a Neutral rating on the premium electric vehicle maker.
Lucid shares closed at $2.38 on Friday, suggesting Baird’s adjusted target implies an upside potential of about 26% as the company prepares to begin customer deliveries of its second model in the United States.
Kallo first initiated coverage on Lucid in September 2023 with a Neutral rating and a 12-month price target of $7.00, when the stock was trading between $5 and $6.
Since then — and as the stock price fell more than 60% — Baird has repeatedly lowered its outlook, cutting the target to $3.00 in late 2023 and reaffirming it in multiple research notes.
The new price target comes as Lucid reaffirms its target of launching its midsize platform next year, which will underpin multiple future models, senior vice president of brand and design Derek Jenkins told Reuters last week.
Lucid last week won a bankruptcy auction for Nikola’s former manufacturing plant and product development center in Coolidge, Arizona — allowing the company to expand its footprint in the region ahead of the new platform’s launch. Nikola filed for Chapter 11 bankruptcy earlier this year.
U.S. customer deliveries of the Grand Touring (GT) trim of its second model, the Gravity SUV, are scheduled to begin in the coming days. The three-row luxury SUV offers an estimated range of up to 450 miles and a starting price above $94,900 before fees.
Lucid plans to open orders for a lower-priced version, the Gravity Touring, in late 2025. That variant will start just under $80,000, excluding fees.
As of the time of writing, Lucid shares are trading 2% lower at $2.33. The stock reached a new all time low at $1.93 last November.
