Lucid Group Inc (NASDAQ:LCID) is trading higher Wednesday after B of A Securities initiated coverage on the stock with a Buy rating and announced a $30 price target.
The analyst firm said it views Lucid “as one of the most legitimate start-up EV automakers.”
B of A Securities said Lucid has some key competitive advantages including its management team’s industry experience, its innovative technology, an attractive product, intangible value in the Lucid brand and a greenfield approach to manufacturing.
The stock traded lower yesterday after Morgan Stanley analyst Adam Jonas initiated coverage on Lucid with an Underweight rating and announced a price target of $12.
The Morgan Stanley analyst pointed to a number of key innovations at Lucid, however he expressed concerns about market size in the premium EV space and risks associated with the current valuation.
Lucid is a technology and automotive company developing the next generation of electric vehicle technologies.
LCID Price Action: Lucid was up 3.8% at $19.66 at time of publication.
Photo: courtesy of Lucid.