Benchmark Keeps Lucid’s $5 Price Target Amid Q2 Deliveries

Benchmark analyst Mickey Legg reaffirmed on July 10, 2025, a ‘Buy’ rating and $5.00 price target on Lucid Motors.

“After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale, underpinned by $5.7B of total liquidity, manufacturing flexibility, and leading technology.

LCID delivered 3,309 vehicles in 2Q25, slightly below our estimate of 3,694, but up 38% YoY.

The company produced 3,863 vehicles in the quarter and reiterated full-year production guidance of 20,000 units.

Demand for the new Gravity SUV remains strong, and deliveries are expected to accelerate in the second half as production stabilizes.

We forecast 16,776 deliveries for the year, up 63.8% YoY.

While we do not expect LCID to reach gross profitability before 2027, requiring sustained quarterly deliveries above 12,000 units, we believe the upcoming Midsize platform, with SOP targeted for late 2026, will support meaningful volume growth beyond current levels.

We remain focused on the following catalysts: scaling deliveries, managing tariff impacts, unveiling the Midsize platform, advancing AI and autonomy, and monetizing technology licensing opportunities.

Maintain Buy and $5.00 price target.”

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