Baird analyst Ben Kallo made no change to the firm’s Neutral rating and $3 price target on Lucid Group shares after the company reported Q3 deliveries of 2,781, exceeding the firm’s and consensus estimates for the third consecutive quarter. Deliveries outpaced production which will improve cash flow and reduce the drag of inventory, the analyst tells investors in a research note. Baird views Lucid’s Gravity SUV start of production as the next potential catalyst and notes that Lucid will report Q3 results on November 7 after the market close.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LCID:
- Lucid Group produced 1,805 vehicles, delivered 2,781 vehicles during Q3
- Toyota, Volkswagen fall further behind rivals, FT reports
- Charged: Analysts weigh in on Tesla Q3 deliveries, robotaxi event
- Lucid in talks with ‘many’ automakers on licensing deals, Electric Vehicle says
- TSLA, RIVN, or LCID: Which U.S. EV Stock Is the Top Pick?