Lucid (NASDAQ:LCID) stock is in the news Wednesday after the electric vehicle (EV) company received new coverage from Baird.
Analysts at the firm have initiated coverage of LCID stock with a price target of $7 per share. That represents a potential upside of 11.1% over the next 12 months. To put that in perspective, the analyst consensus price prediction for LCID shares is $8.39.
Adding to this new coverage is Baird analysts setting a “neutral” rating for shares of LCID stock. For the record, the analyst consensus rating for the EV stock is a “hold” based on nine opinions.
Reasoning Behind the LCID Stock Coverage
Baird analysts said the following about Lucid in a note to clients obtained by Investing.com:
“LCID’s performance is among the best; however, high starting prices and a niche market segment create a challenging near-term setup, in our view. We look for improved consumer health and progress in LCID’s volume ramp to become more constructive.”
With this new rating for LCID stock, the company’s shares have climbed 1% higher in Wednesday morning trading. That comes as some 1.7 million units change hands, as compared to its daily average of 46.6 million shares.
Investors on the lookout for even more of the most recent stock market stories today will want to stick around!
We have all of the latest stock market news that traders will want to read about on Wednesday! That includes what’s sending shares of cannabis stocks higher, as well as why Digital Brands (NASDAQ:DBGI) stock and Verb Technology (NASDAQ:VERB) stock are falling today. Investors can catch up on all of these matters by checking out the links below!
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On the date of publication, William White did not hold (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.
