Apple (AAPL) Awarded LiDAR Patent, One Step Closer to the iCar - UBS

UBS analyst Timothy Arcuri reiterated a Neutral rating and $115.00 price target on Apple (NASDAQ: AAPL) noting that a patent for "Waveform design for a LiDAR system with closely spaced pulses" was filed in 2017 and recently awarded to the company. The patent makes eight claims involving an optical device comprised of a light source, at least one scanning mirror, a detection sensor, as well as other characteristics to collect the light.

The analyst stated "Notable in Apple's patent file is a brief discussion of the "distance to the target scene may range from tens of centimeters to hundreds of meters." Given the challenges of deploying technology capable of detecting objects not just around or near the vehicle, but also "long-range" objects, industry experts have noted being able to detect objects at distances of several hundred meters is a critical milestone for truly autonomous deployment given the likely safety and regulatory hurdles. For example, as part of its agreement with Volvo, LiDAR vendor Luminar has claimed its technology can detect objects up to 250 meters. Given Apple's notable mention of "hundreds of meters" in its filing, we believe this patent and several others recently granted suggest an auto application is likely."

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Shares of Apple closed at $120.59 yesterday.

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