Lucid Group downgraded to Underperform at BofA after founder’s departure

As previously reported, BofA downgraded Lucid Group (LCID) to Underperform from Neutral with a price target of $1, down from $3. The departure of founder, CEO and CTO Peter Rawlinson is “much more consequential than understood by the market,” argues the analyst, who now expects product development to stall and consumer demand to be dampened. The firm cut its estimates for future product volumes, the analyst noted.