Analysts cut LCID target to USD 3 from USD 5 following the EV maker’s decision to halt production forecasts amid demand uncertainty.
Canaccord Genuity reduced its price target for Lucid Group to USD 3 per share from USD 5 after the company suspended its 2024 production guidance. The move reflects concerns over weakening demand and execution risks in the electric vehicle sector.
Lucid had previously guided for 9,000 vehicle deliveries this year but withdrew the forecast without providing a replacement. The stock has fallen over 40% year-to-date, underperforming peers amid broader EV market slowdown.
Shares of LCID traded down 2.1% in premarket activity following the note.