Why Lucid Group Stock Motored Higher Today
An analyst's 30% price target raise was the engine powering Lucid Group (NASDAQ: LCID) stock to a more than 3% gain on Wednesday. This was despite the fact that the pundit isn't exactly bullish on the company. That price pop occurred on a generally blah day for the equities market overall, as the S&P 500 (SNPINDEX: ^GSPC) slipped by 0.3%.
The person behind that move was Cantor Fitzgerald's Andres Sheppard. Before market open, the pundit changed his fair-value assessment for Lucid to $26 per share from the previous $20. Despite the double-digit increase, he left his neutral recommendation on the stock unchanged.
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Source Fool.com
