CFRA Downgrades Lucid to ‘Strong Sell’ with $10 PT

CFRA analyst Garrett Nelson downgraded on October 8, 2025, Lucid Motors from ‘Sell’ to ‘Strong Sell’ with a price target of $10.

“We maintain our 12-month target of $10. We lower our adjusted EPS estimates to -$11.15 from -$10.50 for 2025 and to -$11.50 from -$11.00 for 2026.

LCID posted Q3 vehicle deliveries of 4,078 units (+47% Y/Y), well short of our 6,100 estimate.

LCID’s Q3 production totaled 3,891 units (+116%), also well below our 6,200 forecast.

LCID did not update its full year production guidance of 18,000-20,000 units, but we now think it is likely to fall short of the guidance based on the disappointing Q3 total.

While LCID’s Y/Y volume increases were impressive on a percentage basis, we were expecting much higher volumes with the September 30 expiration of the federal EV tax credit.

The company has its work cut out to merely hit the low end of guidance, requiring a production record of 8,034 units in Q4.

We lower our rating to Strong Sell following a significant rally for the shares over the past month following a 1-for-10 reverse stock split, noting the historical underperformance of equities following such moves.”

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