Quick Read – Lucid Group (LCID) missed Q1 2026 with $282M in revenue and a $1B net loss, prompting Citi to cut its price target to $14 from $17 while maintaining a Buy rating as analyst Michael Ward bets on 2027 production catalysts at the Saudi plant. – Lucid suspended its 2026…
idance after withdrawing its outlook, but Citi argues that the Saudi-backed EV maker’s medium-term thesis survives if production ramps at the new Saudi facility and capital spending declines in 2027 to reshape unit economics. – The analyst who called NVIDIA in 2010 just named his top 10 stocks and Lucid wasn’t one of them. Get them here FREE
Citi just trimmed its price target on Lucid Group (NASDAQ:LCID) to $14 from $17, while keeping a Buy rating. Analyst Michael Ward cited the company’s Q1 2026 miss and the withdrawal of its 2026 outlook, but argued the medium-term thesis remains intact. For long-term investors, the price target cut reads as a sobering near-term recalibration while the Saudi-backed EV story remains intact.
The question now is whether execution catches up to ambition before liquidity tightens. The Analyst’s Case Ward’s note acknowledges a rough quarter while leaning on 2027 catalysts. Citi sees inflection points as production starts at the new Saudi plant and capital spending declines, two levers that could reshape Lucid’s unit economics.