Northland Capital Markets Downgrades Luminar Technologies (LAZR) to Market Perform

Northland Capital Markets analyst Gus Richard downgraded Luminar Technologies (NASDAQ: LAZR) from Outperform to Market Perform with a price target of $38.00.

The analyst comments "We continue to believe that Luminar will be a leader in the lidar market with what we believe to be the best technology and the cost reduction path. However, there are now 5 lidar companies that are public or in the process of going public via a SPAC. Also, at CES Mobileye announced it will use internally developed lidar in 2025. Given Intel will be developing the lidar for Mobileye we are skeptical. INTC has a number of more pressing issues they need to address. In addition, Intel's Silicon Photonics group is developing products for the data center and silicon photonics in package that is core to INTC's semiconductor franchise. Lidar is likely a side project that may not get the time and attention it needs to be productized by 2025. We think given all the activity in the lidar market investors may spread their lidar investments as it will be 18 to 24 months before LAZR's lidar ramp in production on a vehicle."

For an analyst ratings summary and ratings history on Luminar Technologies click here. For more ratings news on Luminar Technologies click here.

Shares of Luminar Technologies closed at $36.94 yesterday.

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