Lucid Group (NASDAQ:LCID) might be in for a major comeback, according to Benchmark analyst Mickey Legg, who just gave the stock a Buy rating with a $5 price target, a potential gain of more than 85% from its Feb. 11 closing price of $2.69.
Legg's bullish outlook is based on rising U.S. EV adoption, pointing out that while 1.3 million electric vehicles were sold in 2024, the industry is gearing up for bigger growth. He sees Lucid as a strong player, thanks to its advanced technology, solid balance sheet, and access to capital. Lucid has had a rough ride.
Since going public in 2021, its stock has plunged over 70%, weighed down by production struggles and sluggish sales. Now trading below $5, it's in penny stock territory. All eyes are on Lucid's Q4 2024 earnings report on Feb. 25, which could be a make-or-break moment for investors hoping for a turnaround story.
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