R.F. Lafferty analyst Jaime Perez has maintained their bullish stance on LAZR stock, giving a Buy rating today.
Jaime Perez has given his Buy rating due to a combination of factors, despite reducing the price target for Luminar Technologies. The company’s substantial growth in revenue, which marked a 99% increase in the fourth quarter compared to the previous year, demonstrates a strong expansion trajectory. Even though Luminar missed revenue projections slightly, Perez seems optimistic about the company’s future performance. The robust current order book valued at approximately $3.88 billion, which grew by $800 million from the previous year and includes over twenty-five vehicle lines and commercial program awards, is another encouraging sign that supports the positive outlook.
Furthermore, the anticipated start of production for Volvo’s EX90, which will feature Luminar’s Lidar technology, is targeted for the second half of 2024 and is expected to significantly contribute to revenue. Despite delays, the strategic shift to focus on the industrialization of Iris and Iris+ technologies indicates a prioritization of long-term growth over short-term gains. Luminar’s commendable liquidity, with cash and marketable securities totaling $340 million, and expected liquidity of over $150 million at the end of 2024 also provide financial stability. These elements combined lead Perez to maintain a Buy rating, reflecting confidence in Luminar Technologies’ leading-edge technology and prospective revenue growth starting from mid-2024 onwards.
In another report released today, TD Cowen also assigned a Buy rating to the stock with a $5.00 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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