Lucid Motors (LCID) shares rallied on Thursday after a bullish analyst note and confirmation from the Environmental Protection Agency (EPA) that the EV maker's premium car has a higher mile range than Tesla's model S (TSLA).

Lucid's Dream Air edition vehicle received an EPA rated range of 520 miles. That's about 100 miles more than Tesla's model S Long Range.

The EV maker's CEO and CTO Peter Rowlinson has said in previous interviews that Lucid's car could go farther on one full battery charge than Tesla's vehicle. Now it has the EPA's official rating to prove it.

Also on Thursday the stock received a bullish outlook from Bank of America analyst John Murphy, who set a $30 price target on the stock.

"I think it's somewhat somewhere between a combination of Tesla and Ferrari," Murphy told Yahoo Finance Live on Thursday.

Murphy points to Rawlinson, who was chief engineer at Tesla for the model S prior to joining Lucid in 2013. "They've got the combination of some real good know-how from the chief engineer of the model S at Tesla — great technology. And then a focus on the powertrain tech as well as the luxury market," said Murphy.

The analyst points to Lucid's plan to roll out its high-end vehicles with luxury price tag first. Rolling out pricier models is similar to Tesla's early strategy.

The upgrade is a stark contrast to Morgan Stanley’s recent initiation of the stock. Earlier this week, analyst Adam Jonas recommended an Underweight rating and price target of $12 per share.

Lucid went public on July 26 via a SPAC merger with Churchill Capital IV. That day LCID closed at $26.83.

The EV maker placed its first US production factory in Casa Grande, Arizona. The company aims to meet its goals this year for two versions of its most expensive vehicle, the Air Dream Edition.

On June 26, Lucid opened a showroom in New York City's trendy meat packing district, just blocks away from Tesla's showroom.