Why Is Wall Street So Bullish on Lucid Group? Here's the $1 Trillion Reason

This week, Wall Street analyst Michael Legg upped his price target on Lucid Group (NASDAQ: LCID) to $7 per share. That signals more than 100% in potential upside over the next 12 months. What makes him and other analysts so bullish? The answer is a $1 trillion opportunity. When Tesla launched its robotaxi pilot program in Austin, Texas, last month, analysts were excited about the potential growth effects. Dan Ives, an analyst at Wedbush Securities, believes the robotaxi division could add $1 trillion to Tesla's valuation over the next 12 to 18 months. Cathie Wood, CEO of Ark Invest, believes that the global robotaxi market will eventually be worth around $10 trillion. This is what makes the latest news from Lucid so exciting. On July 17, the company revealed that it would be partnering with Uber Technologies (NYSE: UBER) to scale a robotaxi division. The deal calls for Uber to buy 20,000 Lucid Gravity SUVs over the next six years exclusively for this robotaxi service.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool