UPDATE: SMBC Nikko Securities Starts Luminar Technologies (LAZR) at Neutral
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(Updated - March 28, 2022 4:12 PM EDT)
SMBC Nikko Securities analyst Srini Pajjuri initiates coverage on Luminar Technologies (NASDAQ: LAZR) with a Neutral rating and a price target of $16.00.
The analyst comments "We are initiating coverage on LAZR with Neutral and $16 price target. Luminar is a leading supplier of lidar sensors and software for the autonomous driving (AV) market. We expect AV lidar sensor market to grow to $6b by 2030 from $250m currently, driven by rapid adoption in luxury vehicles, robotaxis and trucking. The company's product performance, cost leadership, and perception software expertise have already led to strong design win traction. More importantly, LAZR offers active safety and highway autonomy software solutions (in partnership with Zenseact) for series production vehicles, which significantly expand the company's SAM. On the other hand, lidar still remains expensive, adoption is not universal, and competition is intense. At 6x CY25 EV/S, we believe valuation is largely reflecting lidar hardware opportunity, and would wait for more meaningful software progress to get constructive on the stock."
Shares of Luminar Technologies closed at $14.48 yesterday.
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