10:10 AM EDT, 04/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price of $1 and maintain our adjusted EPS estimates of -$1.30 for 2024 and -$1.15 for 2025. LCID reported Q1 vehicle production and deliveries of 1,728 units and 1,967 units, respectively. We consider the release a mixed bag, as production fell short of our estimate of 1,850 units, but deliveries were ahead of the same forecast. While LCID's quarterly shipments of 1,967 units represented a record high (eclipsing its Q4 2022 total of 1,932 units), the company remains well short of achieving the scale needed to drive down its unit costs. The results imply that LCID's cash burn rates remain extremely high and its runway is clearly shortening. At year-end 2023, LCID possessed $3.9B of cash and equivalents and $2.4B of total debt, but its recent cash burn rate has averaged about $700M per quarter. LCID's volumes remain anemic despite significant price cuts, as consumers have shown little interest in the Lucid Air. With unit costs that are still unsustainably high, we stay at Strong Sell.