UPDATE: JPMorgan Starts Innoviz Technologies (INVZ) at Overweight
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JPMorgan analyst Samik Chatterjee initiates coverage on Innoviz Technologies (NASDAQ: INVZ) with a Overweight rating and a price target of $22.00.
The analyst comments "Underappreciated ramp despite the largest order book in the industry. We are initiating on Innoviz with an Overweight rating and forecast a strong revenue ramp in the second half of this decade, led by an industry-leading order book size of $6.6 bn+, but sill series production on the latest wins are expected to start later in the decade. Innoviz is forecasted to ramp to 2030 revenues of $3.3bn, helped largely by the Volkswagen win, and achieve compelling margins on scaling. Our valuation parameters indicate that there remains ample upside potential to our Dec-23 price target of $22 despite embedding conservative target multiples as well as adjusting for potentially near-term capital needs that Innoviz (and most other LiDAR companies) may have to be able to successfully navigate a tough macro side-by-side with investing towards ramping customer wins to maximize their revenue/profit opportunities."
Shares of Innoviz Technologies closed at $5.54 yesterday.
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