Why Lucid Group Stock Motored Over 5% Higher Today
A new analyst take wasn't all that bullish, but it did remind investors of the splashy deal the company recently signed.
Overview
Before market open on Monday, an analyst published an update on Lucid Group (NASDAQ: LCID), in which he left his neutral recommendation on the stock unchanged. However, the research note referenced a recent, potentially very lucrative deal signed by an electric vehicle (EV) maker. This clearly reminded investors of the company's solid potential, and they traded the shares up by more than 5%.
The prognosticator behind that move was Cantor Fitzgerald's Andres Sheppard, who updated his Lucid take after the company announced that deal. The news wasn't enough for Sheppard to change his view or price target on Lucid stock; in addition to maintaining that neutral rating, he also kept his $8 per share price target intact.
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Originally published at www.fool.com.