UPDATE: Baird Downgrades Velodyne Lidar, Inc. (VLDR) to Neutral

Baird analyst Tristan Gerra downgraded Velodyne Lidar, Inc. (NASDAQ: VLDR) from Outperform to Neutral with a price target of $10.00 (from $18.00).

The analyst comments "Downgrading to Neutral on CEO stepping down, which casts further uncertainly in the company's outlook after earlier-year design win losses and a high-profile board/founder fight. Volume opportunities for lidars in the automotive space have transitioned from robotaxis to highway safety features, which requires different lidar technologies and where Velodyne is not currently well positioned, in our view. Transition from incumbent position in 360-degree lidars to solid state, where ASPs are substantially lower, creates a mix risk which could linger for several 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 $8.67 yesterday.

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