Lucid Group Inc (NASDAQ: LCID) stock is maintaining its upward momentum in the pre-market session, soaring 8.09% and extending its recent rally. This surge follows a significant 8.8% gain on Tuesday, which was driven by a notable analyst upgrade.
The electric vehicle maker's stock received a boost after Morgan Stanley upgraded its rating from "equal weight" to "underweight" and set a new price target of $3. This target represents a potential 27.7% upside from Tuesday's closing price. The upgrade was based on Lucid's potential to execute an AI strategy and develop onshore manufacturing capacity for Battery Electric Vehicles, positioning the company as a potential socket for AI brain development in the automotive sector.
Morgan Stanley analyst Adam Jonas highlighted Lucid's opportunity to leverage strategic partnerships in AI and Advanced Driver Assistance Systems (ADAS) for advancing autonomy in software-defined EVs. The firm also noted Lucid's ability to continue licensing out its industry-leading drivetrain technology to legacy OEMs. As investors digest this positive outlook, Lucid's stock continues to attract attention, contributing to the ongoing price rally in the pre-market session.
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