Saturday, March 2, 2024

Lucid stock: Why one strategist is steering clear

#lucid #ev #yahoofinance #fossilfuels

It’s a tale of fossil fuels versus electric vehicles in the latest edition of Good Buy or Goodbye, featuring Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management. Schein is buying Occidental Petroleum (OXY), citing an attractive valuation and that “OXY can do well even if oil doesn’t do well.” Schein also says buying the stock means “you’re investing with Warren Buffett,” given his significant stake in the company. He does however warn that a recession could derail his thesis. One stock Schein is steering clear of is Lucid Group (LCID). Schein points to the overall difficulties the EV industry is facing as one of the reasons why he isn’t buying the stock, as well the recent departure of the company’s CFO. He also thinks the EV maker has weaker financials and a high cash-burn rate, though he does say the stock could rise if there is short covering activity. Click here to see more Good Buy or Goodbye or you can watch this full episode of Yahoo Finance Live here.

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