Berenberg Starts Velodyne Lidar, Inc. (VLDR) at Buy

Berenberg analyst Michael Filatov initiates coverage on Velodyne Lidar, Inc. (NASDAQ: VLDR) with a Buy rating and a price target of $29.00.

The analyst comments "While we respect Elon Musk’s vision, we disagree with his assessment that “lidar is a fool’s errand” when it comes to autonomous driving. Light detection and ranging (lidar) offers superior 3D object detection at range (and most critically at night) relative to the incumbent sensors like camera and radar. As a result, we believe it will be a crucial piece of the perception puzzle on Level 3-5 platforms. Cost remains the key pushback on lidar; however, we believe Velodyne Lidar is at the forefront of achieving low-cost automotive grade lidar at scale, which should open the floodgates to substantial growth over the next five to 10 years."

For an analyst ratings summary and ratings history on Velodyne Lidar, Inc. click here. For more ratings news on Velodyne Lidar, Inc. click here.

Shares of Velodyne Lidar, Inc. closed at $20.25 yesterday.

You May Also Be Interested In

• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• Cantor Fitzgerald Reiterates Overweight Rating on Merlin Labs (MRLN)