Lucid Motors (NASDAQ:LCID) is having a booming day as it continues to rebound from an early September slump. The stock is moving upwards after receiving an attractive rating from Bank of America. With institutional investors on its side once again, and a new EPA rating, investors stand to wonder where LCID stock will go. Hence, Lucid Motors price predictions are in high demand.
It’s inarguable that Lucid is rallying in hopes of becoming the next Tesla (NASDAQ:TSLA). But Tesla is vastly more storied, has more experience getting cars on the road, and it has a superstar CEO with massive ambitions for the market. However, that’s not to say it has perfect vehicles. The cars themselves are the most important part, and with Lucid’s newest EPA rating, it’s putting Tesla in the hot seat.
As the company announced yesterday, the Environmental Protection Agency awarded the Lucid Air Dream Edition Range with a 520-mile range. That’s by far the longest range for an electric vehicle on a single charge. For reference, Tesla’s longest-range vehicle only offers about 412 miles on a single charge. Lucid is creating an obvious edge for itself.
Lucid Motors Price Predictions Surge on Bank of America Rating
Following this announcement, LCID stock is getting the benefit of a new Bank of America note. The analyst calls the brand a “combination of Ferrari and Tesla,” and is putting a hefty rating on LCID stock. The bullish price point of $30 is in and of itself inciting buying interest. In the early hours of today’s session, trading volume of LCID is over 40 million shares. Shares are increasing 10% on the news.
What do analysts at large think of LCID stock? Is it built to last? Is $30 much too optimistic? Let’s take a look at some Lucid Motors price predictions to get an idea of broader sentiment:
- Of course, bringing in all of the news today is John Murphy’s price target out of Bank of America. Murphy gives the stock a strong “buy” rating and a $30 price target.
- Also bullish on LCID is Itay Michaeli, an analyst at Citigroup. Michaeli targets a price of $28 for LCID.
- Adam Jonas is a known bear on LCID stock. The Morgan Stanley analyst is has a “sell” rating on LCID, anticipating a drop in price down to $12.
On the date of publication, Brenden Rearick 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.