UPDATE: Jefferies Starts Luminar Technologies (LAZR) at Buy

January 27, 2022 4:04 AM EST
Get Alerts LAZR Hot Sheet
Price: $7.29 -1.09%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 4 | New: 31
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(Updated - January 27, 2022 7:00 AM EST)

Jefferies analyst David Kelley initiates coverage on Luminar Technologies (NASDAQ: LAZR) with a Buy rating and a price target of $20.00.

The analyst comments "We view $5bn market cap LAZR as an emerging LiDAR leader, supported by a strong commercial customer & partner list (e.g., Volvo, Mercedes, SAIC, NVIDIA) & a growing order pipeline (+$2bn in '21, +60% yr/yr). We see a roadmap to scaled series production & likely market share leadership in autos. A focused strategy on auto & CV end markets, semi autonomy over robotaxi, & a disciplined production plan suggest less execution risk vs. peers. We forecast a 124% 5-yr sales CAGR & model breakeven profitability by '24; note key risk is lumpiness of nascent LiDAR market ramp. Jefferies participated in Luminar's 12/14/2021 convertible notes offering."

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 $13.50 yesterday.

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