Lucid Group (NASDAQ:LCID) stock is getting a boost on Thursday thanks to a new rating for its shares.
Citi analyst Italy Michaeli is behind today’s rating as he initiated coverage of LCID stock with a buy rating. It’s also worth pointing out that this makes him the first analyst to weigh in on LCID stock.
Michaeli’s coverage of LCID also comes with a price target of $28 per share. Yet again, he’s the first analyst covering it, so there’s no consensus to compare to. However, we can note that this represents an almost 48% upside over the stock’s closing price of Wednesday.
So why is the Citi analyst taking such a bullish stance on LCID stock? Let’s let him explain it himself in this quite collected from Wccftech.
“[Lucid Group] resembles much of what we like about Tesla, but without the lofty 2030 share & FSD/AV outcomes that one must underwrite.”
The positive news for LCID stock doesn’t stop there. Shortly after Michaeli released their rating for the stock, CFRA Research also initiated coverage of the electric vehicle (EV) company. This has them maintaining the same buy rating but with a lower price target of $25 per share. Even then, that’s still a potential 32% gain over its closing price yesterday.
LCID stock is experiencing heavy trading today following the analyst news. As of this writing, just over 13 million shares of the stock have changed hands. That has it quickly approaching the company’s daily average trading volume of 13.6 million shares.
LCID stock was up 5.2% as of Thursday afternoon.
There’s also more recent stock coverage to look into below!
We’ve got all the latest stock market news that traders need to know about today. Among that is what has shares of Rocket Lab (NASDAQ:RKLB), Gevo (NASDAQ:GEVO), and Lululemon Athletica (NASDAQ:LULU) on the rise. You can get all of those details from the following links!
More Hot Stocks for Thursday
- RKLB Stock: 11 Reasons Why Rocket Lab Is Blasting Off Today
- GEVO Stock: Why Is Red-Hot Gevo Soaring 30% on Thursday?
- LULU Stock: Why Analysts Are Hyping Up Lululemon Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.