Needham Reaffirms Hold Rating on Lucid

Needham analyst Vikram Bagri reiterated a Hold rating on Lucid Group Inc. (NASDAQ: LCID).

“We reiterate our Hold rating post 1Q results and company commentary.

The Gravity SUV is off to a strong start, giving the LCID brand a second chance at a first introduction with potential new customer as the company scales vehicle production, with Gravity expected to drive the bulk of this year’s unit growth.

LCID benefits from a relatively shielded tariff position vs legacy OEM peers, but liquidity remains a concern given capital-intensive growth plans and ongoing losses, with valuation pressured by uncertainty around scaling, margin improvements, and execution of future TAM increasing models, with investors waiting for more concrete signs of sustained progress.

We reiterate our Hold rating, with the stock trading at ~12.5x our FY29E adj EBITDA discounted back.”

Price Target note: Lucid completed a 1-for-10 reverse stock split on September 2, 2025.

This note predates the split, so any per-share figures in it are in pre-split share terms; multiply them by 10 to compare with the share price after the split.

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.