Should You Buy Lucid Group Stock While It's Below $70?

It has been a rollercoaster year for Lucid Group (NASDAQ: LCID), with shares of the electric vehicle (EV) maker gyrating between $16 and $35. But one Wall Street analyst remains unfazed. He has a price target of $70 for Lucid stock. If you're tracking electric car stocks, you'll want to understand his thinking. Mickey Legg is an analyst at Benchmark Company who has covered the EV space for several years. One of his top picks right now is Lucid Group. His $70 price target implies nearly 200% in potential upside. There are three factors right now that get him excited. First, he believes electric vehicle sales in the U.S. will accelerate in 2025 and 2026. There are a few problems with this prediction. EV sales growth decelerated heavily from 2023 to 2024. In 2023, 1.2 million EVs were sold nationwide, a 46% increase versus the year before. But last year, just 1.3 million EVs were sold, a growth rate of only 7%. Additionally, the elimination of EV tax credits may hamper demand in the back half of 2025 through 2026 and beyond. Predicting an acceleration in EV sales, therefore, is a very bullish take.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool