In a report released today, Jaime Perez from R.F. Lafferty maintained a Buy rating on Luminar Technologies (LAZR – Research Report), with a price target of $17.00.
Jaime Perez gave his Buy rating for Luminar Technologies, Inc. based on a number of factors. Despite a shortfall in revenue in the second half of 2023, Perez anticipates solid revenue growth for Luminar in 2024, when the company is set to begin shipping its Lidar system to Volvo for serial production. This year, 2024, is viewed as pivotal for Luminar, as the industry begins to validate its Lidar system, which is expected to lead to increased industry adoption.
Perez also acknowledges the company’s efforts in progressing towards achieving the software for Volvo and Mercedes and its next-gen LiDAR prototype by the end of the year. Furthermore, he notes that Luminar has entered into a multi-year production agreement with Gatik. Despite lowering the price target by $1 to $17 per share, Perez maintains the Buy rating, as he believes that Luminar’s leading-edge technology and near-term revenue potential starting in 2024 justify the Price/Sales multiple of 25.0X used to determine the price target.
Perez covers the Technology sector, focusing on stocks such as Arbe Robotics, Luminar Technologies, and Canoo. According to TipRanks, Perez has an average return of -25.0% and a 23.44% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $6.00 price target.
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Luminar Technologies (LAZR) Company Description:
Luminar is an automotive technology company providing LiDAR hardware and software products to enable vehicle safety and autonomy. The company, through its Autonomy Solutions segment, manufactures and distributes LiDAR sensors. Further, Luminar’s Advanced Technologies and Services division develops application-specific integrated circuits, advanced lasers, and pixel-based sensors.
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