Evercore ISI says Lucid FY/Q4 production serves as glimmer of execution progress

Evercore ISI analyst Chris McNally says that in what has been a "very tough tape" the last two months for EV start-ups and for Tesla (TSLA)/EV names in general, Lucid’s (LCID) full year/Q4 production number serves as at least a "glimmer of execution progress" into 2023. Q4 implied revenue, based on announced 1.9K deliveries, however, is light at an implied $250M-$280M to $300M versus consensus of $360M, the analyst notes. McNally has an In Line rating on Lucid’s shares with a price target of $12.