Lucid Group price target lowered to $3 from $6 at RBC Capital

RBC Capital lowered the firm’s price target on Lucid Group to $3 from $6 and keeps a Sector Perform rating on the shares. The company is hoping that its Gravity SUV and mid-size offerings will reverse demand woes on its sedans, but since licensing does not seem to be a top priority at the moment, the firm is cutting its projections on reduced assumptions for OEM penetration, the analyst tells investors in a research note. RBC is reducing its FY24 revenue view to $841M from $934M.