Stifel Reaffirms Lucid’s PT and Rating
Stifel analyst Stephen Gengaro reiterated on May 7, 2025, a ‘Hold’ rating and $3.00 price target on Lucid.
“Lucid delivered solid 1Q25 results with adjusted EBITDA of ($263.5) million essentially matching our forecast.
Cash burn improved materially during the quarter to ($589.5) million versus ($824.8) million in 4Q24 on flat revenues, fueled by solid execution and $31.5 million in regulatory credit sales (versus $29.1 million in full-year 2024).
1Q25 also benefited from a sequential decline in operating expenses, although management anticipates sequential increases through yearend driven in part by higher marketing spend.
The company reiterated its 2025 production guidance of 20,000 units, which we believe provides some insight into its expectations for deliveries, and currently expects limited tariff impacts.
Additionally, Lucid believes its current liquidity is sufficient to fund operations into 2H26, aligning with the anticipated launch of its high-volume mid-size platform in late 2026 (which remains on track).
We view Lucid’s 1Q25 print and commentary as slightly positive for the shares.”
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