UPDATE: Citi Starts Luminar Technologies (LAZR) at Buy
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Citi initiates coverage on Luminar Technologies (NASDAQ: LAZR) with a Buy rating and a price target of $40.00.
The analyst comments "In the context of our bullish industry thesis, Luminar appears to be one of few LiDAR companies that are well-positioned to lead in consumer AV LIDARs (different requirements vs. ADAS). Recent customer validations (Mobileye, Daimler, Volvo) and forecasted software revenue mix support a premium valuation, in our view. Our $40 target equates to 17.9x/3.1x 2025E/30E EV/revenue."
Shares of Luminar Technologies closed at $30.00 yesterday.
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