Benchmark ups Lucid Group’s target to $7, says buy ahead of Q2 earnings

As previously reported, Benchmark raised the firm’s price target on Lucid Group to $7 from $5 and keeps a Buy rating on the shares. The firm notes Lucid (LCID) has entered into a landmark partnership with Uber (UBER) and autonomous vehicle developer Nuro to deploy 20,000 Gravity SUVs equipped with the Nuro Driver over six years. The first vehicles are expected to launch next year. Additionally, Lucid announced a proposed 1-for-10 reverse stock split, with shareholder voting scheduled for August 18. Benchmark views the partnership as a clear strategic win, bringing in capital and two world-class partners while expanding Lucid’s reach into autonomous ride-hailing. The firm recommends buying ahead of Lucid’s Q2 earnings on August 5, where it expects continued positive momentum.