UPDATE: JPMorgan Starts Luminar Technologies (LAZR) at Overweight
- Wall St opens lower on Fed fears; Tyson Foods slides
- Dow Jones, Nasdaq, S&P 500 weekly preview: Stocks rally likely over - analysts
- Public Storage (PSA) makes an $11 billion unsolicited offer for Life Storage (LSI)
- Goldman reacts positively to Newmont's new $17 billion bid for Newcrest Mining
- Soft landing already priced in, S&P 500 upside limited from here - Goldman Sachs
JPMorgan analyst Samik Chatterjee initiates coverage on Luminar Technologies (NASDAQ: LAZR) with a Overweight rating and a price target of $30.00.
The analyst comments "Industry leader in wins despite focusing on L3+ applications; expect strong growth in order book. We are initiating on Luminar with an Overweight rating and forecast Luminar to exit the decade with the strongest revenue amongst the peer group despite a smaller order book relative to Innoviz currently. The higher revenue run-rate is driven by the company’s focus on L3+ applications, which is driving certain OEMs to make LiDAR standard on vehicles with L2 functionality as they plan their L3 platforms. We forecast $6 bn of revenue and industry-leading profitability to drive earnings power of close to $7.25 in 2030, driving our Dec-23 price target of $30. Despite lower upside potential from current share prices to our Dec-23 price target relative to Innoviz, Luminar will likely be the largest pure-play LiDAR supplier at the end of the decade, and the supplier with the highest margins, and the only supplier we expect not to require incremental capital to navigate a ramp."
Shares of Luminar Technologies closed at $9.11 yesterday.
You May Also Be Interested In
- RBC Capital builds on confidence as Tesla (TSLA) shows they can spur demand growth
- Credit Suisse Assumes Dow Inc. (DOW) at Outperform
- Tata Consumer Products (TGBL:IN) PT Lowered to INR745 at JPMorgan
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesJPMorgan, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!