After Lucid announced a plan to reduce operating expenses and make productivity improvements by reducing its workforce by 18%, BofA analyst John Murphy said this plan appears to be consistent with the cost savings commentary provided during the Q4 earnings call. However, while cost reductions "could mean many things," the workforce reduction "sends a cautionary signal for a company in growth mode," according to the firm, which keeps a Neutral rating and $10 price target on Lucid shares and thinks the company will "need to raise more capital and sooner than we had previously projected."
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