Written by Cláudio Afonso | [email protected] | LinkedIn | X
Bank of America analyst John Murphy has reduced the firm’s price targets for three electric vehicle manufacturers, namely Lucid, Rivian, and Tesla. In a new research note, the analyst emphasized that “demand will be the focal point for these EV players in the first quarter of the year.”
Starting with Rivian, the analyst adjusted the firm’s price target downward from $25 to $21 while maintaining a Buy rating on the shares. With Rivian’s shares closing at $10.63 on Tuesday, the updated price target implies a potential upside of 97.5 percent.
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On Tuesday — and until the end of April — Rivian kicked off a campaign for its inventory R1T and R1S models offering a complimentary XPEL Stealth paint protective film (PPF) valued at $5,000.
When it comes to Lucid Motors — who announced yesterday the delivery of 1,967 vehicles in the first quarter— the analyst cut the price target to $3.50 from $4.50 while keeping a Neutral rating on the shares. Lucid shares closed on Tuesday at $2.70 per share resulting on a 29.62 percent potential based on John Murphy’s new price target.
The price target for Tesla shares was also lowered by the analyst by $60 — down to $220 from $280. Bank of America maintained a Neutral rating on the stock.
In the latest update from the automotive sector revealed this Tuesday, Tesla delivered slightly more than 1,900 cars in China. Amidst a decline in market shares in China’s critical automotive market, Tesla announced last week that is introducing a limited-time offer of 0% interest loans as a fresh incentive strategy.
The week was marked by the Qingming Festival in the country, a three-day holiday occurring every early April.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
