Wall Street sets Lucid stock 12 month price target

Core Viewpoint - Lucid's shares surged over 36% following a partnership announcement with Uber and Nuro, indicating a potential turnaround for the company [1] Group 1: Stock Performance - Lucid's stock rose from $2.28 on July 16 to $3.12 by market close on July 17, increasing its market cap to approximately $7.1 billion [2] - The stock had previously experienced a 24% decline year-to-date and reached a 52-week low of $1.93 [2] - In pre-market trading, Lucid was at $3.05, down 2.25% [2] Group 2: Partnership Details - The partnership involves integrating at least 20,000 Lucid Gravity SUVs with Nuro's Level 4 autonomous technology for deployment on the Uber platform over the next six years, with testing already underway [5] - A formal rollout is expected in a major U.S. city in 2026 [5] Group 3: Financial Aspects - Uber will invest $300 million directly into Lucid, providing a modest financial cushion as Lucid scales up Gravity production [6] - Benchmark analysts reaffirmed a Buy rating, citing strong Q2 deliveries of 3,309 vehicles and sufficient liquidity for growth [6] Group 4: Strategic Implications - Lucid's largest shareholder, who controls a 64% stake, also owns about 4% of Uber, which may enhance strategic alignment between the two companies [7] - The deal could lead to further opportunities, including autonomy-focused partnerships and licensing Lucid's EV technology to traditional automakers [7] - Lucid may also position itself as a gateway for Chinese EVs entering the U.S. market [7] Group 5: Market Outlook - Morgan Stanley maintains an Equalweight rating on Lucid with a 12-month price target of $3.00, noting the partnership offers strategic upside as Lucid expands in the autonomous driving space [3][8]