Lucid Gains 25% Last Week, Citi Resumes With Neutral Rating
<p>Citi resumed coverage of <a href='https://financialmodelingprep.com/financial-summary/LCID'>Lucid Group (NASDAQ:LCID)</a> with a Neutral/High-Risk rating and price target of $8.00. This comes after Lucid announced a collaboration deal with Aston Martin. </p>
<p>Citi highlighted Lucid's leading technology position but expresses caution regarding near-term demand for the Lucid Air and the company's gross margin progression. </p>
<p>Citi forecasts 8,800 deliveries in 2023 and 22,500 deliveries in 2024, with an estimated adjusted EBITDA loss of $2.4 billion in 2023, narrowing to $1.0 billion in 2024 before approaching breakeven in 2025.</p>
<p>Shares rose more than 25% last week, partly due to the company’s announcement that Saudi Arabia's sovereign wealth fund, The Public Investment Fund (PIF), had acquired around 265.7 million shares of the EV manufacturer through a private placement.</p>

NASDAQ:LCID