Luminar Technologies (LAZR) PT Lowered to $7 at Craig-Hallum, 'Near-Term Lidar Outlook Remains Soft'

Craig-Hallum analyst Richard Shannon lowered the price target on Luminar Technologies (NASDAQ: LAZR) to $7.00 (from $15.00) while maintaining a Hold rating.

The analyst comments "LAZR continues to be affected by the delayed lidar roadmaps, which is not surprising, and slow ramps at its first customer, Volvo. With that said, it’s good to see the materially lower opex outlook, in part driven by the consolidated product roadmap. LAZR still has work to do on its balance sheet, and indicated it will raise $30M/qtr this year to bolster cash, and continues to work down its converts due late next year. We do believe the NHTSA mandate for AEB in 2029 in the US and impressive lidar-based autonomy rollouts by Chinese OEMs, which are increasingly being exported around the world, are medium-term accelerators of lidar. Given LAZR’s exposure to Western OEMs, we don’t see the dynamics around lidar turning around quite yet, but are hopeful that headlines will start becoming positive by year’s end. Given the uncertain macro and Auto dynamics along with LAZR’s balance sheet that needs improvement, we don’t think the stock sees a sustained uptrend for the time being. We maintain our Hold rating and lowering our price target to $7, which also contemplates the reverse stock split in Nov-24."

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