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.
Published first on TheFly
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