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© Reuters Cantor Fitzgerald stays bullish after touring Lucid’s (LCID) Arizona facility
By Michael Elkins
Cantor Fitzgerald reiterated an chubby ranking and $18.00 worth goal on electrical automobile maker, Lucid Group Inc (NASDAQ:) after it hosted buyers on a non-public tour of the corporate’s manufacturing amenities in Arizona. The tour was carried out by Peter Rawlinson, the corporate’s CEO, and included a dialog with Sherry Home, Chief Monetary Officer, and culminated with a test-drive.
LCID produced and delivered 2,282 and 1,398 autos, respectively, in 3Q. Throughout the go to, administration reiterated its FY22 annual manufacturing steering of 6,000-7,000 autos. The corporate wants to provide 2,313/3,313 autos in 4Q to fulfill the low/excessive finish of steering.
Analysts wrote in a observe, “Our personal tour was a really insightful and academic expertise and offered extra publicity to Lucid’s manufacturing capabilities, its capability to scale, and the corporate’s superior expertise. We stay bullish on LCID over the long run, and we proceed to imagine that the corporate’s autos are in a position to present better battery effectivity, longer vary, quicker charging, and extra inside house relative to friends. In our view, LCID’s vertically built-in in-house manufacturing method can also be an essential differentiator within the business, and it ought to assist the corporate mitigate future provide chain disruptions and manufacturing constraints.”
The automaker presently has ~$3.85 billion in money, equivalents and investments. The corporate lowered its FY22 capex steering to ~$1.2B (vs. prior ~ $2B), though, based on administration, the discount is primarily pushed by a shift in challenge timings. Lucid reiterated that they imagine their present capital place will likely be adequate to fund the corporate into “a minimum of 4Q23.”
Shares of LCID are down 5.57% in mid-day buying and selling on Monday.
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