Morgan Stanley Upgrades Lucid to Equalweight, $3 Price Target
- Rating
- Equalweight
- Upgraded
- Target
- $3
- Outcome
- Reached
- on July 17, 2025
What the analyst said
Morgan Stanley analyst Adam Jonas upgraded Lucid Group Inc.
(NASDAQ: LCID) from Underweight to Equalweight with a price target of $3.00.
“More than an ‘EV 1.0’ automaker?
Following the announced/ongoing changes in leadership, we believe Lucid has opportunity to execute an AI strategy leveraging strategic/sovereign partnerships within the context of the urgency to develop onshore manufacturing capacity for BEVs as the ‘socket’ for the AI ‘brain’.
Price target unchanged at $3, Bull Case to $10, upgrade to Equal-weight.
We believe that at this stage, the risks to upside are more equilibrated with the risks to downside for Lucid shares – as such, we believe stock presents a more balanced risk reward, underpinning an Equal-Weight rating.
It’s difficult for us to see how near term quarterly results introduce new negative information that a bearish consensus doesn’t already expect.
Given the challenges to the stand-alone automaker business model, we move to EW on the emergence of a potentially bullish thesis to the Lucid story with a new leadership team.
We see emerging scope for Lucid’s ability to play a role in the embodied AI theme as an reshored/’friend-shored’ manufacturer with access to capital and strategic relationships that uniquely position Lucid to straddle geopolitical hurdles in potentially partnering with both China and the West.”
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Where the price stands
LCID trades at $3.29. The 5 analysts who set a target in the last 3 months range from $3 to $11, with a median of $6. This $3 target is 50% below the median, the lowest on the Street.
Since the note LCID has moved −84% (from $20.90). The 12-month window closed on March 17, 2026.
Track record
This call✓ Target reached on July 17, 2025, 4 months after the note. Prices are split-adjusted.
Firm track recordMorgan Stanley: 82% of its 50 targets at least a year old were reached within 12 months (#8 of 26 firms); on Lucid, 2 of 2. Accuracy ranking →
Morgan Stanley on Lucid
Morgan Stanley price targets on Lucid
7 calls from March 17, 2025 to October 15, 2026. The target went from $3 to $0.30 (−90%). The rating moved from Hold to Sell.
- October 15, 2026Target cut from $0.50 (−40%)Sell$0.30
- July 15, 2026Kept the $0.50 targetSell$0.50
- May 6, 2026Target cut from $1 (−50%)Sell$0.50
- December 8, 2025Downgraded to Sell, target cut from $3 (−67%)Sell$1
- September 2, 2025Kept the $3 targetHold$3
- July 17, 2025Kept the $3 targetHold$3
- March 17, 2025 This noteEarliest call shownHold$3
Targets are adjusted for the 1-for-10 reverse split on Sep 2, 2025, so every call is in the same share terms as this note.
