Lucid Group price target lowered to $7 from $8 at BofA

BofA lowered the firm’s price target on Lucid Group to $7 from $8 and keeps a Neutral rating on the shares following a Q3 report that featured lighter revenues while margins were in-line with expectations. Given Q3 results, the 2023 production outlook and capex guidance being lowered and flagging demand for the Air sedan, the firm is lowering its 2023 estimates.