Shares of electric vehicle maker Lucid Group Inc (LCID) surged 15.90% in Friday's intraday trading, rebounding sharply from a recent all-time low. The dramatic upswing was fueled by a vote of confidence from Wall Street analysts, providing a much-needed boost for investors after a challenging period for the company.

The rally was primarily driven by Cantor Fitzgerald's reiteration of a Neutral rating on Lucid stock, coupled with a significant increase in its price target. The firm raised its target from $3 to $20 per share, equivalent to $2 per share prior to Lucid's recent 1-for-10 reverse stock split. This upgrade comes at a crucial time for Lucid, as the company's stock had been under pressure following the reverse split and a reduced 2025 production forecast.

The positive analyst action appears to have overshadowed recent headwinds, including Lucid's decision to cut its 2025 production forecast to 18,000-20,000 vehicles and the broader challenges facing the EV industry. Despite these obstacles, today's surge suggests that some investors see potential value in Lucid's stock at current levels. However, the company still faces significant hurdles, including intense competition in the EV market and the need to ramp up production to meet its revised targets.