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Morgan Stanley has upgraded Lucid Group Inc to "Equal-Weight" from "Underweight," citing the electric vehicle maker's potential in the AI sector and recent leadership changes. The firm set a price target of $3, with a bull case of $10, highlighting Lucid's strategic partnerships and licensing capabilities that could enhance its role in AI and autonomous driving. Despite current challenges, the evolving strategy and geopolitical ties, particularly with Saudi Arabia, may offer long-term growth opportunities.
Incoming Ohio Senator Bernie Moreno, a Republican and former luxury car dealer, criticized the $7,500 EV tax credit as "catastrophically stupid," advocating for a market-driven approach to vehicle choice. He argued that the government should not dictate corporate strategies and emphasized that consumer preferences should guide the automotive industry. As automakers scale back EV plans amid declining demand, Moreno called for a regulatory environment that allows the marketplace to thrive without government intervention.
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Morgan Stanley upgrades Lucid citing AI potential and leadership changes
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