Benchmark Reaffirms $5 PT and ‘Buy’ Rating on Lucid
Benchmark analyst Mickey Legg reiterated a ‘Buy’ rating and $5.00 price target on Lucid Motors.
“LCID reported 1Q25 deliveries yesterday of 3,109 vehicles, in-line with consensus of 3k and slightly below our estimate of 3,212 vehicles.
LCID guided revenues of $232k – $236k for 1Q25, in line with our Benchmark’s estimate of $233k and below consensus of $246k (FactSet).
Notably, management was quoted that 50% of orders in the last 2 months are from former Tesla owners.
The recent decline in Tesla sales in certain markets is as an opportunity for LCID to take market share and grow consumer awareness in our opinion. Given LCID manufactures its vehicles in the US, we also believe the recent tariff announcements have a somewhat limited impact on LCID compared to more traditional auto OEMs.
As such we see 2025 as an opportunity for Lucid to increase market share alongside the ramp of its Gravity SUV sales, with potential additional upside subject to licensing or partnership agreements. Maintain Buy & $5 price target.”
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