Is Lucid (LCID) stock set to double? Here’s why one analyst is bullish

Lucid Motors (LCID) delivered a record number of vehicles in the second quarter, marking its seventh straight quarter with higher deliveries. Following a meeting with the EV maker’s CEO, here’s why one analyst believes Lucid (LCID) stock has plenty of upside.

Lucid stock could double, says Benchmark analyst

In the second quarter, Lucid delivered a record 3,309 vehicles. With seven straight quarters of delivery growth, the company earned praise from several analysts.

Benchmark analyst Mickey Legg met with Lucid’s CFO, Taoufiq Boussaid, who took over the position in January, following the company’s performance.

Legg wrote in a note to investors on Thursday (via Eletric Vehicles) that “After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale.”

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He highlighted Lucid’s “$5.7B of total liquidity, manufacturing flexibility, and leading technology” in the memo. Benchmark maintained a “Buy” rating for Lucid stock, with a target share price of $5.00.

Despite jumping over 10% since releasing Q2 delivery and production numbers, Lucid’s stock price is still down 25% in 2025 at $2.30 per share.

With output of its first electric SUV, the Gravity, picking up, Lucid reaffirmed plans to produce 20,000 vehicles this year.

Lucid refers to the Gravity as a “no compromise” SUV, and it’s just talk. The full-size luxury electric SUV can drive up to 450 miles on a single charge, boasts more interior space than a Ford Explorer, and can accelerate like a sports car.

In late 2026, Lucid will launch its midsize EV platform. Lucid’s interim CEO, Marc Winterhoff, confirmed on the Automotive News Daily Drive podcast last month that the company has three “top hats” in the pipeline.

The first two are expected to be a midsize electric crossover SUV and sedan starting at around $50,000, which former CEO Peter Rawlinson said is “right in the heart of Tesla Model 3, Model Y territory.”

Until then, Lucid will focus on ramping up Gravity output. According to Winterhoff, feedback on the electric SUV has been “phenomenal” so far.

He added, “In all of my 25 years of working in the automotive industry, I’ve never seen that positive feedback.”

Lucid ended the first quarter with $5.76 billion in total liquidity, which it states is sufficient to fund operations until the second half of 2026, when the midsize platform is expected to arrive.