CMB Stock News Of The Day 📰🗞️🗞️📈📉

“Lucid’s Autumn Slide Deepens as Shares Hit New All-Time Low After Stifel Price Target Cut”🚨🚨

Lucid Motors’ brutal stretch continued Monday, as the luxury EV maker’s stock slid to a fresh all-time low following a sharp price target cut from Stifel. The stock, already battered over the past 48 days, fell another 6.9% to $13.22 as investor confidence continues to waver.

Stifel reduced its price target on Lucid to $17 from $21, with analyst Stephen Gengaro cautioning that the company will likely need additional capital over the next few years. While Lucid’s production metrics have shown improvement, Gengaro noted the company remains in a “prove-it-to-me” phase, with the more impactful vehicle launches still about two years away.

The downgrade comes on the heels of Lucid’s announcement last week that it will raise $875 million through a private offering of convertible senior notes due in 2031. That update followed a tough third-quarter report, where the company lowered its production outlook and posted negative free cash flow of $955 million.

Lucid’s stock has been sliding sharply since the expiration of the EV tax credit on September 30 — a credit Lucid’s high-end vehicles only qualified for through a leasing workaround. Since then, the stock is down over 40%, and when zooming out to the peak of EV euphoria in 2021, Lucid has now lost 98% of its value.

With capital needs rising and production still ramping at a slower-than-hoped pace, Lucid faces mounting pressure to prove it can scale, compete, and regain investor trust.