Lucid cuts full-year production forecast
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Cantor Fitzgerald cuts Lucid (LCID) to Neutral following 3Q revenue miss
November 8, 2023 8:34 AM ESTCantor Fitzgerald downgraded Lucid Group (NYSE: LCID) to a Neutral rating (From Overweight) and cut their 12-month price target on the electric automaker to $6.00 (From $10.00) after the company reported its 3Q23 earnings results after the market closed on Tuesday.
LCID reported 3Q revenues of $137.8 million, falling short of the consensus estimate of $185.1 million. This came after the company's pre-announcement on October 17, revealing that it had manufactured 1,550 vehicles (below the estimated 2,400) and delivered 1,457 vehicles (below the estimated 1,650)... More
