Baird starts Lucid at Neutral on challenging near-term setup

Baird last night initiated coverage of Lucid Group with a Neutral rating and $7 price target. The company produces luxury electric vehicles with “best-in-class technology” that enables higher range and better efficiency, the analyst tells investors in a research note. However, high starting prices and a niche market segment create a challenging near-term setup for the shares, the analyst tells investors in a research note. The firm looks for improved consumer health and progress in Lucid’s volume ramp to become more constructive.