Benchmark Increases Lucid’s PT to $7 Amid Robotaxi Partnership

Benchmark analyst Mickey Legg raised the price target on Lucid to $7.00 (from $5.00) while maintaining a Buy rating.

“Lucid Announces Strategic Partnership with Uber and Nuro, Inc. Lucid has entered into a landmark partnership with Uber and autonomous vehicle developer Nuro, Inc. to deploy 20,000 Gravity SUVs equipped with the Nuro Driver over six years.

The first vehicles are expected to launch next year. As part of the agreement Uber’s subsidiary, SMB Holding Corp., will make a $300 million private placement investment in Lucid, priced at the 30-day VWAP and subject to an 18-month lock-up. The investment is expected to close and price in Q3.

Additionally, Lucid announced a proposed 1-for-10 reverse stock split, with shareholder voting scheduled for 8/18. We view the partnership as a clear strategic win, bringing in capital and two world-class partners while expanding Lucid’s reach into autonomous ride-hailing.

The stock is up over 40% today, and as such we are raising our price target to $7.00 from $5.00. We reiterate our Buy rating and recommend buying ahead of Lucid’s 2Q25 earnings on 8/5, where we expect continued positive momentum.”

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