After five consecutive trading days that ended in the red, the S&P 500 and Dow Jones Industrial Average were both in the green Tuesday morning. In particular, electric vehicle (EV) stocks, were driving forward.

As of 11:17 a.m. ET, shares of EV-maker Lucid Group (NASDAQ: LCID) were up 4.9%, while Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) had climbed 4.7% and 6.8%, respectively.

It's no wonder why investors are opting to hitch a ride with Lucid. Seeing considerable upside, Cantor Fitzgerald has initiated coverage on the EV stock, assigning it an overweight rating and a $23 price target. That price target implies an upside of 64% relative to the $14.06 where Lucid closed Monday.

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Source Fool.com