As previously reported, BofA analyst John Murphy downgraded Lucid Group to Neutral from Buy with a price target of $10, down from $18, following the company’s Q4 report and accompanying "light" 2023 outlook and lower than expected 2023 production forecast. The firm is "materially" lowering its 2023 estimates and pushing out 2024-plus estimates, telling investors that it now expects it could take until 2027-plus for Lucid to reach breakeven on an operating and free cash flow basis.
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Published first on TheFly
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Read More on LCID:
- Lucid Stock: Why It Tumbled and Where It’s Headed
- Lucid (NASDAQ:LCID) Sets Bullish 2023 Production Target
- LCID Crashes on Q4 Results
- Lucid Announces Fourth Quarter and Full Year 2022 Financial Results, Exceeds Annual Production Guidance With 3,493 Vehicles in Q4 and 7,180 in the Full Year 2022
- Lucid Group reports Q4 EPS (28c), consensus (40c)