Shares of electric vehicle maker Lucid Group Inc (LCID) surged 5.20% in intraday trading on Wednesday, propelled by bullish analyst views and a promising outlook for the broader EV industry.
The rally was sparked by Benchmark analyst Mickey Legg initiating coverage on LCID with a Buy rating and a $5 price target, representing a potential upside of around 85% from Tuesday's closing price. Legg cited Lucid's advanced technology, solid balance sheet, access to capital from Saudi investors, and integrated manufacturing capabilities as key strengths positioning the company to capture significant market share as U.S. EV adoption accelerates.
Legg's optimistic stance echoed the views of other Wall Street analysts, with some forecasting an even higher upside potential of 90% for LCID stock. Analysts are betting on the burgeoning EV market, with sales expected to surge in 2025 and beyond, benefiting players like Lucid with cutting-edge offerings and strong financial backing.
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