Lucid Group resumed with a Buy at Citi

Citi analyst Itay Michaeli on Friday resumed coverage of Lucid Group with a Buy rating and $12 price target. The firm says that despite recent and ongoing headwinds, it is encouraged by Lucid’s latest Q4 production update and balance sheet actions. The analyst continues to like the company’s technology and product positioning in the electric vehicle race. Citi expects continued share volatility but likes the stock’s risk/reward given the continued production ramp of the Air.