Benchmark Reaffirms $30 Price Target on Lucid

Benchmark analyst Mickey Legg reiterated on February 19, 2026, a ‘Buy’ rating and $30 price target on Lucid Motors.

“Lucid previously reported 4Q25 deliveries of 5,345 vehicles and production of 8,412 units, closing 2025 with 15,841 deliveries (+55% YoY) and above our expectations of 5,301 4Q deliveries and 15,797 full year deliveries.

As such, we view 4Q earnings as largely a clean-up quarter with attention centered on the following:

1. Gross margin progression as Gravity volumes scale and tariff-related noise abates
2. Opex discipline, particularly R&D and SG&A exiting 2025 and,
3. Cash burn and liquidity runway, given heightened sensitivity around funding into late 2026.

We expect Lucid to reiterate that profitability remains a 2026–27 story, driven primarily by Gravity mix, cost-down initiatives, and the eventual midsize launch.

LCID reports after the market close on Tuesday, Feb. 24.”

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