LCID soars as CFRA raises its 12-month price target to $65

CFRA raised its 12 month target for LUCID motors by $15 to $65, based on an estimated 24 price/sales ratio of 12.0x. It also lowered its 2021 EPS estimate to $1.65 from $1.80 while keeping the 2022-24 forecasts same. LUCID stock (LCID) is currently valued at $44.88.

On November 15, EV carmaker  won the 2022 MotorTrend Car of the Year. It made history by becoming the first automaker to win the coveted award with its very first model. 

LUCID motors released its Q3 earnings as a publicly traded company. They reported that the customer reservations rose to 13,000 in Q3, reflecting an order book of approximately $1.3B, and have since increased beyond 17,000.  It announced in the filings that its balance sheet to close Q3 with approximately $4.8B in cash. The company is confident to deliver 20k units in 2022.

Lucid’s market cap of around $73 billion is approaching Ford’s at $79.4 billion, but still far below Tesla, which is more than $1 trillion. Its stock is labelled as buy. The company’s shares surged by more than 11% just before the market opened on Tuesday. 

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