Lucid Group (NASDAQ: LCID) jumped 4.79% Thursday after the company announced its fourth quarter and full-year vehicle production numbers, producing a positive response from Cantor Fitzgerald analyst Andres Sheppard.
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Lucid reported that it produced 3,493 vehicles in the fourth quarter, up 53% sequentially. It delivered 1,932 vehicles during the period.
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Overall, in 2022, 7,180 Vehicles were produced, exceeding the company’s guidance of 6,000 to 7,000 vehicles.
Following the report, Sheppard reiterated an Overweight rating and $18 price target on shares of Lucid Group.
The analyst told investors in a note that the company pre-announced production vehicles for the fourth quarter above the firm’s estimates and above company guidance.
The analyst said he is “encouraged” by Lucid’s Q4 production and delivery numbers, adding that it is a sign that production is beginning to scale and ramp up.
He remains bullish on the electric vehicle firm over the long term and continues to believe that the company’s vehicles are able to offer more substantial battery efficiency, longer range, faster charging, and more interior space relative to peers.
According to TipRanks, out of eight analysts, three have a Buy rating on Lucid, with two at Hold and three at Sell. The average price target is $14.17, representing a potential 70% upside in the stock.
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