Shares of electric-vehicle companies climbed on Monday as investors eyed an area of the market that was hard-hit in last year’s selloff. Some of the stocks driving higher:
- Lucid Group: +13%
- Rivian Automotive: +12%
- NIO: +9.3%
- Tesla: +7.7%
Citigroup on Friday reinstated coverage of Lucid with a “buy/high risk” rating and a $12 price target, which is more than 50% higher than Lucid’s closing price on Friday.
“Despite recent/ongoing headwinds, we’re encouraged by Lucid’s latest Q4 production update & balance sheet actions. We continue to like the company’s technology & product positioning in the EV race,” Mr. Michaeli wrote in a note.
Shares of growth-oriented companies promising big payouts in the future have rebounded in the new year.