CFRA Research Hikes Its Target for Lucid Group (LCID) Shares by 40 Percent as the Stock’s Bull Run Shows No Sign of Slowing Down

Lucid Group (NASDAQ:LCID) shares are again becoming the center of attention in the financial world as the stock seems to have regained its pre-SPAC proclivity to embark on outsized bull runs.

Since the 01st of September, Lucid Group shares have recorded gains of over 50 percent. Against this backdrop, analysts now seem to be playing catch-up.

CFRA Research had pegged a ‘Buy’ rating and a $25 price target on Lucid Group shares on the 09th of September. However, given that the stock has already crossed this threshold in less than 2 weeks, CFRA is out again today with a $35 stock price target, constituting a 40 percent increase from the previous benchmark. The firm’s adjusted EPS estimates for Lucid Group remain -$1.65 for 2021, -$1.10 for 2022, -$0.70 for 2023, and -$0.25 for 2024.

The firm’s analyst Garrett Nelson cited the recently revealed EPA rating of 520 miles for Lucid Air Dream Edition to proclaim that the company would be “a force to be reckoned with among upstart EV manufacturers.”

As a refresher, the EPA range estimate for Lucid Air Dream Edition (19-inch wheel) now computes at 520 miles – that’s greater than the company’s own initial estimate of a range of 517 miles! For reference, a 2021 Tesla (NASDAQ:TSLA) Model S Long Range has an EPA estimate of 405 miles. This means that the top-of-the-line Air EV will provide over 28 percent more driving range than a fully-spec’d Model S.

The analyst also cited the company’s healthy balance sheet, a brand-new factory in Arizona, and state-of-the-art vehicles, which are getting rave reviews, as some of the most important bullish catalysts for Lucid Group shares.

Of course, Citi and Bank of America (BofA) also maintain a ‘Buy’ rating on Lucid Group shares. While Citi maintains a $28 stock price target right now, BofA has gone ahead with a $30 target.

Morgan Stanley’s Adam Jonas remains the outlier for now with a ridiculously underpriced $12 stock price target.

We had noted earlier this week that Lucid Group appears to have registered around 10,000 Vehicle Identification Numbers (VINs), corresponding to the roughly 10K reservations for the Lucid Air EV. This development adds confidence to the prognosis that the deliveries of the Air EV are now slated to begin soon.

The post CFRA Research Hikes Its Target for Lucid Group (LCID) Shares by 40 Percent as the Stock’s Bull Run Shows No Sign of Slowing Down by Rohail Saleem appeared first on Wccftech.