Lucid Stock Rises After Delivering Robotaxi Vehicle To Nuro For Deployment Into Uber Fleet: Check Out Cantor Fitzgerald’s New Price Target

The analyst’s new target of $26 implies an upside of about 17% from the stock’s closing price on Tuesday.

Lucid Group (LCID) received a price target hike from Cantor Fitzgerald on Wednesday, following the company's announcement that it has delivered the first robotaxi engineering vehicle to California-based robotics company Nuro.

Lucid announced in July that Uber Technologies (UBER) plans to deploy 20,000 or more of its vehicles on the Uber platform as robotaxis. Uber will deploy the Lucid vehicles over six years, equipped with startup Nuro, Inc.’s Level 4 autonomy system, called Nuro Driver, the company said.

On Wednesday, the company said in a post on X that it has delivered the first vehicle to Nuro for the installation of a Nuro driver. Nuro's Level 4 self-driving system combines automotive-grade hardware and AI-powered self-driving software. The company had said that while the necessary hardware will be integrated into the Lucid Gravity SUV on its assembly line, it will receive Nuro's software only when Uber commissions the vehicle.

Shares of the company rose 4% at the time of writing. On Stocktwits, retail sentiment around LCID stock fell from ‘neutral’ to ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘low’ levels.

Cantor Fitzgerald subsequently raised the firm's price target on Lucid Group to $26 from $20, while maintaining a ‘Neutral’ rating on the shares, according to TheFly. The new price target implies an upside of about 17% from the stock’s closing price on Tuesday.

Lucid can continue to pursue additional robotaxi opportunities for its Air or Midsize platform, as well as for other variants of Gravity, Cantor said. The analyst also expects Lucid to continue ramping up autonomy features in its vehicles to enhance their offering for customers, the analyst said.

LCID stock is down 24% this year and approximately 35% over the past 12 months. 

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