Lucid Group price target lowered to $11.50 from $12 at Citi

Citi analyst Itay Michaeli lowered the firm’s price target on Lucid Group to $11.50 from $12 and keeps a Buy rating on the shares. The analyst updated the firm’s model post the Q4 results. Lucid’s "soft" 2023 outlook raised near-term demand/reservation conversation concerns that appear tied to last year’s delayed production ramp, some supply-demand mismatching and slower brand building momentum, which the company is addressing, the analyst tells investors in a research note. The good news is that Lucid’s production constraints appear to be largely addressed, adds Citi.