Stifel Lowers Lucid’s Price Target to $17

Stifel analyst Stephen Gengaro lowered the price target on Lucid to $17 (from $21) while maintaining a Hold rating.

“LCID 3Q25 revenue of $336.6 million set a quarterly record and modestly trailed our forecast and the consensus.

The company is targeting 2025 production of 18,000 units versus its previous guidance of 18,000-20,000 units, and the majority of 4Q production will be Gravity SUVs.

We continue to be big believers in LCID’s technology, and view the Air and Gravity as excellent products.

However, we expect additional capital to be required over the next few years, and we await additional progress updates on Gravity sales and the rollout of the midsize.

We maintain our Hold rating and reduce our target price to $17 target price from $21.”

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