R.F. Lafferty upgrades Lucid to Buy as Gravity orders begin

R.F. Lafferty upgraded Lucid Group (LCID) to Buy from Hold with a $4 price target following the Q3 report. Lucid began taking orders for the Gravity this week, and the company anticipates a “soft production” in the coming weeks following further details on when customer deliveries will begin, the analyst tells investors in a research note. The firm cites the company’s cost improvement, continued volume growth, and balance sheet strength for the upgrade. It believes Lucid’s cost structure is improving while maintaining steady sales growth.