Lucid Group initiated with an In Line, $12 price target at Evercore ISI

Evercore ISI analyst Chris McNally initiated coverage of Lucid Group with an In Line rating and $12 price target. Lucid has both extensive vertical integration and a leading e-powertrain aimed at the ultra-premium EV segment, said McNally, who adds that Lucid epitomizes an "aspirational EV". His In Line rating comes "with a slight negative bias," as Lucid has "a long way to go on both" addressable market expansion and high funding needs, the analyst added.