Cantor Fitzgerald lowered its price target on Lucid Motors following third-quarter results that missed consensus estimates on both revenue and earnings.
The firm maintained its Neutral rating on the EV stock, citing near-term concerns despite optimism about the company’s midsize platform launch late next year and the robotaxi deal with Uber and Nuro.
“We are discouraged in the near-term after the company’s recently revised FY25 production guidance to approximately 18,000 vehicles, and for missing on both top- and bottom line reporting,” Cantor analyst Andres Sheppard wrote.
The analyst lowered the price target to $21 from $26.
As of press time, the stock is trading at $17.72 — up 2.70% after the first hour of Thursday’s trading session.
Sheppard lowered Lucid‘s 2025 and 2026 vehicle delivery estimates to 15,390 and 29,160 units respectively, down from prior projections of 16,650 and 34,160 units.
The firm also cut gross margin forecasts to negative 94% for 2025 and negative 18% for 2026, from prior estimates of negative 66% and negative 13%.
In a new research note, Cantor also lowered Capital expenditure estimates for fiscal 2025 to $1.025 billion from $1.15 billion.
“Overall, we remain neutral due to lower guidance, persistent high negative gross margin, additional capital needs, supply constraints, a worsening macro environment, and tariff uncertainty,” Sheppard said.
The analyst added that the EV maker’s management still needs to address a fiscal 2026 convertible bond maturity.
Long-Term Catalysts
Sheppard cited the midsize platform launch late next year as “a material catalyst that should help the company scale and improve margins further.”
Cantor expressed encouragement about Lucid‘s plan to enter the robotaxi market in late 2026 via Uber and expects the company to pursue additional partnerships.
Uber invested $300 million in July and committed to acquiring at least 20,000 Lucid Gravity vehicles over six years, with rollout planned for late next year starting in the Bay Area.
Liquidity Boost
Saudi Arabia’s Public Investment Fund agreed to increase Lucid‘s delayed draw term loan credit facility to approximately $2 billion from $750 million, the company said.
The move increases total liquidity by $1.3 billion. Total liquidity stood at $4.2 billion as of September 30, excluding the undrawn facility, and would reach approximately $5.5 billion including the increase.
