Northland Capital Markets Downgrades Luminar Technologies (LAZR) to Market Perform
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Northland Capital Markets analyst Gus Richard downgraded Luminar Technologies (NASDAQ: LAZR) from Outperform to Market Perform with a price target of $10.00.
The analyst commented, "While LAZR confirms that it will be production ready by yearend, we believe the adoption of its lidar is taking longer than we expected. US and Europe OEMs primarily use lidar to enhance safety and low-speed autonomy. LAZR's product has a longer range than is required for these applications, and less expensive alternatives are winning production nominations. We reduce our rating to MP and trim our PT to $10."
Shares of Luminar Technologies closed at $9.37 yesterday.
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