Lucid (NASDAQ:LCID) stock is in the news Wednesday after the electric vehicle (EV) company got 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 analysts’ consensus price prediction for LCID shares is $8.39.
Adding to this new coverage is the Baird analysts setting a “neutral” rating for shares of LCID stock. For the record, the analysts’ consensus rating for the EV company’s stock is sitting at “hold” based on nine opinions.
Reasoning Behind The LCID Stock Coverage
The Bairs 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.
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On the date of publication, William White 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.
