Written by Cláudio Afonso | LinkedIn | X
Stifel analyst Stephen Gengaro released a new research note on Thursday reiterating the firm’s price target on Lucid shares following the Technology & Manufacturing Day event held earlier this week in Arizona.
Gengaro attended the event of the electric vehicle maker in Casa Grande and described the company’s Advanced Manufacturing Facility as “very impressive”. The analyst reiterated the firm’s Hold rating on the shares and $4.00 price target as he continues to “monitor updates related to Gravity orders.”
“On September 10, we attended Lucid’s Technology & Manufacturing Day at its very impressive Advanced Manufacturing Facility in Casa Grande, Arizona (AMP-1),” Gengaro wrote.
“Management provided a detailed overview of its technology and costs relative to peers, as well as a tour of its AMP-1 facility, rides in the Lucid Gravity and Air Sapphire vehicles, and even gave a sneak peek at the upcoming mid-sized platform,” he added.
The firm highlights the reiterated start of production date for Gravity and the cost competitiveness shown by the CEO Peter Rawlinson as some of the key points from the event.
“Our key takeaways include: 1) production of the Lucid Gravity SUV remains on track for late 2024, and pre-orders have not started yet, 2) technology remains a key differentiator, and critical components are surprisingly cost-competitive, and 3) reiterated late 2026 production target for its mass-market midsize platform,” he concluded.
Earlier today, also Cantor analyst Andres Sheppard reaffirmed the firm’s 12-month $4 price target on the company shares.
Following the 12.75 per cent surge on Wednesday, Lucid shares closed at $3.98 — just under the price target from the financial firm.
Written by Cláudio Afonso | LinkedIn | X
