Adam Jonas's 12-month price target implies the stock will drop more than 50% from where it closed Monday.
Lucid 's stock has boomed in recent days, but Morgan Stanley is warning of a bust on the horizon. Analyst Adam Jonas' price target of $5 implies the electric vehicle maker's stock will tumble 57.4% from where it closed Monday. That means Jonas, who carries an underweight investment recommendation, expects the stock to hit an all-time low sometime in the next 12 months.
mountain Lucid "We believe the fundamental outlook facing Lucid is more likely deteriorating than improving," Jonas said in a note to clients Tuesday, adding that a $20 billion valuation "discounts a successful outcome." The stock previously reached an intraday low of $6.09 and closing low of $6.17 earlier this month. It's up 72% in 2023 so far after collapsing 82%in 2022 and climbing 280% in 2021.
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