Lucid Group resumed with a Neutral at Citi

Citi resumed coverage of Lucid Group with a Neutral rating and $2.90 price target. The analyst sees a balanced risk/reward when weighing Lucid’s “strong” electric vehicle technology position and “adequate” near-term liquidity against past demand and branding challenges and the company’s reliance on a successful Gravity ramp later this year. Having spent some time reviewing Gravity, the firm came away encouraged by the vehicle and sees good prospects for success. Still, a fair amount of execution risk exists to launch Gravity on time, says Citi.