Lucid Motors had its price target lifted at Cantor Fitzgerald after the brokerage hosted interim Chief Executive Officer Marc Winterhoff and Chief Financial Officer Taoufiq Boussaid in New York this week.
“We reiterate our Neutral rating and increase our PT on LCID to $26 (from prior $20),” the analyst Andres Sheppard wrote in a new note.
Sheppard raised the target by 30% to $26 from $20 while maintaining a Neutral rating on the stock.
The analyst cited a series of upcoming milestones, including third-quarter delivery results expected next week, the launch of Lucid’s midsize model, and the first European deliveries of the Gravity SUV in early 2026.
Sheppard also pointed to the planned Uber/Nuro robotaxi launch in late 2026, an ‘Analyst and Investor Day’ expected in the first quarter of that year, and the completion of Lucid’s Saudi plant between late 2026 and early 2027.
The company handed over this week the first vehicles to Nuro, marking the kick off of the partnership.
“A bigger focus on autonomy is now clear,” Sheppard said, highlighting Uber’s $300 million investment in Lucid announced Sept. 4. The analyst called the initiative — which will see more than 20,000 Lucid Gravity SUVs deployed on Uber’s platform with Nuro’s Level 4 system — “a material catalyst.”
Management told investors Lucid has a 24-month exclusivity arrangement with Nuro for the Gravity robotaxi program.
On output, Sheppard said Lucid reaffirmed its 2025 production guidance of 18,000 to 20,000 vehicles.
He estimated third-quarter production at 5,550 units and deliveries at 4,745, above Visible Alpha consensus.
For 2025, he forecast 18,500 units produced and 16,650 delivered, supported by contracts with Uber and the Saudi government, which has agreed to buy up to 100,000 vehicles over 10 years.
A drone flyover filmed last Monday showed more than 2,000 Gravity SUVs at its Arizona plant while the number of Lucid Air sedans decreased when compared to the mid-August flyover.
Sheppard said the midsize platform remains on track for late 2026 with a starting price below $50,000, describing it as another “material catalyst.”
He also mentioned Lucid’s liquidity of $4.86 billion at the end of the second quarter, while noting the company is reviewing funding options ahead of debt maturities in 2026.
The analyst said risks remain from high negative gross margins, additional capital needs, tariffs and a weaker macroeconomic backdrop.
Lucid reported second-quarter revenue of $259.4 million on 3,309 deliveries and a gross margin of minus 105%. The company completed a 1-for-10 reverse stock split on Sept. 2.
Last weekend, several Grand Touring configurations — mostly five-seat variants priced from $96,550 before fees — were listed as “available in two weeks” across multiple states.
By Sunday evening, however, the inventory page showed no Gravity units available in any state ahead of the expiration of the US federal $7,500 EV tax credit on September 30.
