Why Lucid Group Stock Is Higher Today

Shares of electric vehicle maker Lucid Group (NASDAQ: LCID) rose after a bullish note from a prominent Wall Street analyst, and after the company confirmed the top-of-the-line version of its Air sedan will be the first electric vehicle with an EPA-rated range of more than 500 miles. As of 1:30 p.m. EDT, Lucid's shares were up about 5.9% from Wednesday's closing price. Bank of America's well-regarded auto analyst, John Murphy, initiated coverage of Lucid with a buy rating and a price target of $30.