Lucid Group price target lowered to $4 from $5 at Stifel

Stifel lowered the firm’s price target on Lucid Group to $4 from $5 and keeps a Hold rating on the shares. The near-term outlook for EV demand has soured in recent months, but the firm still sees “a few key positives” for Lucid, including the availability of the lower-priced RWD version of the flagship Lucid Air; the potential for additional licensing agreements for its “best-in-class” technology; its focus on controlling costs; the Lucid Gravity SUV beginning production in late 2024; and the availability of a midsize platform in late 2026.