Benchmark Cuts Lucid’s Price Target from $70 to $30

Benchmark analyst Mickey Legg lowered on November 13, 2025, the price target on Lucid to $30 (from $70) while maintaining a ‘Buy’ rating.

“Lucid priced $875mm of senior unsecured convertible notes due November 2031 plus a $100 million greenshoe, at a 7.00% coupon and a ~22.5% conversion premium to the $16.99 last sale, implying an initial conversion price of ~$20.81 (48.0475 shares per $1,000).

The notes are callable at the company’s option on or after 11/6, 2028 if the stock trades at least 130% of the conversion price; settlement may be in cash, stock, or a mix.

Proceeds are being used to repurchase a substantial portion of the 1.25% 2026 notes (roughly $756 million principal for about $752 million cash) and for general corporate purposes, effectively terming out near-term maturities while increasing annual cash interest in our view.

At full conversion, the new notes would add ~42 million shares on the base size, or ~47 million including the shoe; assuming the period’s average price meets or exceeds ~$20.81.

We are lowering our target price to $30.00 from $70.00 (adjusted for reverse split) and maintain our Buy Rating.”

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