LCID Lucid Group Inc

By Michael Dabaie

Lucid Group Inc. shares were up 8.4%, to $41.24, in Monday afternoon trading after Citi resumed converge of the electric vehicles company with a "Buy/High Risk" rating and $57 price target.

Citi said it is updating its model to reflect a recent capital raise and made no changes to its prior thesis.

Lucid last month said its offering of $1.75 billion of 1.25% convertible senior notes due 2026 priced.

"Fundamentally, we are constructive on the Lucid story and its position in the EV/Car of the Future theme," Citi said. The firm cited EV tech credentials, benefits for its speed-to-market with Lucid's first vehicle, the Air, launching later this year and an advanced and comprehensive sensor suite.

Citi added that Lucid needs to successfully navigate production ramp-ups.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 03, 2022 14:21 ET (19:21 GMT)

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