Why This Lucid Analyst Is Bullish On The EV Maker Despite Q3 Disappointment
Portfolio Pulse from Shanthi Rexaline
Lucid Group, Inc. (NASDAQ:LCID) reported below-consensus Q3 revenue and lowered its 2023 production guidance, causing a drop in stock price. Despite this, Needham analyst Chris Pierce reiterated a Buy rating on the stock, lowering his price target from $9 to $5. Pierce's optimism is based on Lucid's industry-leading battery and drive-train technology. Lucid delivered 1,457 vehicles and produced 1,550 vehicles in Q3, and lowered its delivery guidance from 10,000+ units to 8,000-8,500 units.
November 08, 2023 | 1:17 pm
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Lucid's Q3 results were below consensus and the company lowered its 2023 production guidance. Despite this, Needham analyst Chris Pierce remains optimistic about the company's future.
Lucid's disappointing Q3 results and lowered production guidance for 2023 have negatively impacted the stock price. However, the company's industry-leading battery and drive-train technology could potentially drive future growth, according to Needham analyst Chris Pierce.
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