Rosenblatt Starts Luminar Technologies (LAZR) at Neutral
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Rosenblatt analyst Kevin Cassidy initiates coverage on Luminar Technologies (NASDAQ: LAZR) with a Neutral rating and a price target of $8.00.
The analyst commented, "We are launching coverage on Luminar Technologies, Inc. (LAZR) with a Neutral rating and $8.00 12-month price target. Luminar has an impressive LiDAR design, list of automotive partners and experienced new hires in upper management positions. Given the valuation premium the shares are receiving, we believe these positives are priced into the shares. The next obstacle for the company is to move the Iris into series production. We view that there are many risks for ramping into volume production. In our view, investors can wait until these risks have been resolved before building a position in LAZR."
Shares of Luminar Technologies closed at $7.17 yesterday.
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