Cantor Fitzgerald Increases Lucid’s Price Target to $26

Cantor Fitzgerald analyst Andres Sheppard raised on September 24, 2025, the price target on Lucid Motors to $26 (from $20), while maintaining a ‘Neutral’ rating on the stock.

“Earlier this week, we hosted Marc Winterhoff, interim CEO of Lucid, and Taoufiq Boussaid, CFO, for investor meetings in NYC.

Key topics of conversation included the recent robotaxi partnership with Uber/Nuro, vehicle deliveries expectations, ramp-up of the Lucid Gravity SUV, upcoming launch of the midsize platform, the company’s recent reverse stock split, the relationships with the Government of Saudi Arabia & the PIF, and its pending capital needs.

We are Increasing our PT to $26 (from $20).

FY25 Production Guidance, Our Expectations, and Customer Delivery Visibility

During our NDR, LCID reaffirmed its vehicle production guidance of 18,000-20,000 for FY25.

Recall that in FY24, Lucid delivered 10,241 vehicles and produced 9,029 vehicles.

Up next, we expect the company to pre-announce its Q3 vehicles produced and deliveries next week.

For Q3, we are currently estimating 5,550 vehicles produced (vs. Visible Alpha consensus of 5,175), and 4,745 vehicle deliveries (vs. consensus of 4,286).

For FY25 we continue to model 18,500 vehicles produced, and 16,650 vehicles delivered, (vs. VA consensus of 17,800/15,669, respectively.

More importantly, we are encouraged by LCID’s visibility into their upcoming deliveries.

With the ~20,000 vehicle delivery contract with Uber, plus the (up to) 100,000 vehicle delivery contract with the government of Saudia Arabia, we see LCID’s visibility into their upcoming customer deliveries as an important differentiator.

During our meetings, management reaffirmed that the company’s AMP-1 factory in Arizona has an annual production capacity of ~90,000 vehicles.”

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