Analyst revises Lucid stock price target as LCID crashes

⚈ Lucid stock fell 6.52% ahead of earnings, prompting a revised $3 price target

⚈ Cantor Fitzgerald maintains a neutral stance despite recent share decline

⚈ Weak Gravity SUV sales signal deeper downturn could be ahead

Ahead of its upcoming May 6 earnings report, and amidst Lucid (NASDAQ: LCID) stock‘s May 5 6.52% early session plunge to $2.38, Cantor Fitzgerald’s Andres Sheppard elected to revise their price target for the beleaguered electric vehicle (EV) maker.

LCID stock one-week price chart. Source: Finbold

According to the revised estimates, LCID shares are set to rally 26.05% from their press time price and hit $3 within the next 12 months.

Interestingly, despite the weak performance, Cantor Fitzgerald reiterated its ‘neutral’ rating for Lucid stock, signaling confidence that the EV maker is valued fairly and can recover from the latest downturn.

Wall Street remains ‘neutral’ on Lucid stock

The latest price target, as represented on the stock analysis platform on May 5, is 3.81% above the consensus forecast of $2.89, but is in line with the overall ‘neutral’ rating.

LCID stock analyst consensus. Source: TradingView

At press time, Lucid stock boasts a relatively balanced spread between ‘buy’ and ‘sell’ ratings, with 3 of the former and 4 of the latter. ‘Neutral’ analysts are, however, in the majority, as there are 11 such ratings.

Could faltering Gravity sales break Lucids strong EPS streak？

Cantor Fitzgeralds latest revision falls in line with Lucids somewhat positive streak in terms of quarterly results, as the two most recent filings showed a beat in earnings per share (EPS).

It is also arguably reflective of the EV makers recent production woes. The Gravity SUV has been an important driver of bullishness for months, with many 2024 analyses citing high hopes for the model as backing for their optimistic forecasts.