The S 500 and Dow Jones Industrial Average both began today's trading session in the red to start the new month, but it's the bulls who are behind the wheel regarding EV maker Lucid (NASDAQ: LCID). Between an analyst's optimistic new price target and positive news from an EV peer, investors have two catalysts powering their enthusiasm for Lucid's stock in today's trading session.

As of 12:15 p.m. ET, shares of Lucid are up 4.6%, retreating from their earlier climb of 8%.

Reinstating coverage on Lucid's stock, Itay Michaeli, an analyst at , set an $8 price target and rated it neutral. Based on the stock's closing price of $6.89 on Friday, Michaeli's price target implies upside of 16%. According to The Fly, Citigroup's position on Lucid is based, in part, on the company's superior technology and improved liquidity.

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Source Fool.com