BofA Maintains a ‘Underperform’ Rating on Lucid

BofA Securities analyst John Murphy reiterated on May 7, 2025, an ‘Underperform’ rating and $1.00 price target on Lucid Motors.

“Lucid’s (LCID) 1Q:25 adj. EPS of ($0.20) was better than BofA of ($0.24) and Bloomberg consensus of ($0.22).

Reported revenue of $235mm was lower than BofA of $245mm and consensus of $249mm.

LCID previously announced 1Q:25 deliveries of 3,109, which were below our original expectations.

Average revenue per unit was $72.4k, and below our estimate for $75.6k.

Adj. EBITDA of ($563mm) was better than BofA of ($641mm) and consensus of ($574mm) on lower operating expenses (among other items, SG&A included a reversal of $35mm from previously recognized stock-based comp).

LCID ended 1Q:25 with $3.6bn of cash & equivalents and short-term investments, down from $4.0bn at end of 4Q:24.

Note that in April, LCID completed a private offering of 5.00% convertible senior notes maturing in 2030 for an amount of $1.1bn.

Proceeds were used to repurchase $1.0bn of 1.25% convertible senior notes due in 2026.”

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