© Reuters. CFRA downgrades Lucid (LCID) as sales fall short
CFRA research has downgraded Lucid Auto (NASDAQ:) from a Sell rating to a Strong-Sell rating while also cutting their 12-month price target on the company’s shares to $1.00 (From $2.00) after Lucid announced a rise in deliveries during the fourth quarter.
“While LCID’s quarterly shipments represented its highest total of any quarter in 2023, sales fell well short of our 2,133 forecast.” Wrote CFRA analysts in a note. “With shares hitting a new record low, we see little in the way of fundamental or technical support for the stock and expect additional lows to be set.”
According to CFRA, the delivery outcomes for Lucid suggest that the company’s cash burn rates have remained exceptionally high, and there are clear indications that its financial runway is shortening.
CFRA cut their 2023 adjusted EPS estimate…
