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.
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