The new price target implies a 26% upside to the company’s closing price of $2.38 on Thursday.

Baird on Monday raised its price target on EV maker Lucid Group (LCID) to $3 from $2, after the electric vehicle maker’s recent product spotlight event.

The brokerage maintained a ‘Neutral’ rating on the shares, according to TheFly.

The new price target implies a 26% upside to the company’s closing price of $2.38 on Thursday.

According to data from Koyfin, 10 of the 14 analysts covering Lucid rate it a ‘Hold,’ three others a ‘Sell’ or ‘Strong Sell,’ while only one analyst has a ‘Buy’ call.

Baird’s price target revision comes on the heels of reports that the company is on track to launch its midsize electric sports utility vehicle (SUV) in 2026.

Lucid’s senior vice president Derek Jenkins told Reuters last week that a “lot of crazy things going on in the world” can affect the timeline, but the company is currently on track to launch the competitor to Tesla’s Model Y SUV next year.

Lucid is reportedly targeting a $50,000 price point for the new mid-size vehicle.

The EV-maker manufactures two higher-end vehicles – the Air sedan and the Gravity SUV. While the cheapest variant of the company’s Air sedan starts at $69,900, the Grand Touring variant of the Gravity SUV starts at $94,900.

The company is looking to launch a cheaper Touring variant of the Gravity SUV in late 2025, starting at $79,900.

In the three months through the end of March, Lucid delivered 3,109 vehicles and produced 2,212 vehicles. The company is slated to report its financial results for the quarter on May 6.

On Stocktwits, retail sentiment around Lucid rose marginally but stayed within the ‘bearish’ territory over the past 24 hours while message volume remained at ‘low’ levels.

LCID's Sentiment Meter and Message Volume as of 1:10 p.m. ET on April 21, 2025 | Source: Stocktwits

Lucid stock is down by over 23% so far this year and by over 2% over the past 12 months.

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