Lucid Group resumed with a Neutral at BofA

BofA resumed coverage of Lucid Group with a Neutral rating and $8 price target. The firm has reduced its Q2 and 2023 EBIT estimates after Q2 deliveries came in below its forecast and although it is not making meaningful adjustments for 2024 and later, BofA notes that it plans to revisit this following additional commentary during earnings reporting. The firm’s model now reflects the $3B share issuance announced on May 31, which it says was in-line with BofA expectations.