Stifel on Monday reiterated its price target on Lucid Motors at $21 following the company’s 1-for-10 reverse stock split that became effective last week.
The firm maintained a Hold rating while adjusting the price target to reflect the reverse split.
“We are updating our Lucid target price to $21 from $2.10 to reflect the 1-for-10 reverse stock split that was effective September 2,” analyst Stephen Gengaro wrote in the note. “We maintain our Hold rating.”
Based on the last closing price before the note was released, the target implies an upside potential of about 14%.
Lucid shares were up 4.7% at $19.31 on Tuesday as of press time, hours after the EV maker announced plans to expand to eight new countries in Europe next year.
Without disclosing the full list, Belgium, Denmark and France were named among the markets targeted for 2026.
The Saudi-backed company registered 23 vehicles in its four existing European markets in August, ahead of the regional launch of its second model, the Gravity SUV.
Lucid shares had surged nearly 14% last Friday from an all-time low earlier in the week after interim CEO Marc Winterhoff refuted a third-party estimate that just 70 units of the Gravity were sold in August.
The reverse stock split, according to management, was intended to reduce volatility and broaden access to institutional investors.
Separately, Lucid said last Thursday it closed a $300 million investment from Uber, finalizing funding tied to their robotaxi partnership announced in July.
Last week, Cantor Fitzgerald cut its target on Lucid by 33% to $20 from $30, or $3 before the reverse split. The firm expects 6,064 Gravity deliveries in 2025, rising to 10,248 units in 2026.
