UPDATE: JPMorgan Starts Luminar Technologies (LAZR) at Overweight

September 20, 2022 3:26 AM EDT
Get Alerts LAZR Hot Sheet
Price: $7.40 -3.39%

Rating Summary:
    8 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 31 | New: 13
Join SI Premium – FREE
(Updated - September 20, 2022 5:33 AM EDT)

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."

For an analyst ratings summary and ratings history on Luminar Technologies click here. For more ratings news on Luminar Technologies click here.

Shares of Luminar Technologies closed at $9.11 yesterday.

You May Also Be Interested In

Related Categories

Analyst Comments, New Coverage

Related Entities

JPMorgan, Earnings