Why Luminar Technologies Stock Is Rising Today

Why Luminar Technologies Stock Is Rising Today

Luminar Technologies Inc LAZR shares are trading higher Tuesday after JPMorgan initiated coverage with an Overweight rating and a $30 price target.

Despite having a smaller order book than Innoviz Technologies Ltd INVZ currently, JPMorgan expects the company to exit the decade with the strongest revenue relative to its peers. 

"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," JPMorgan analysts wrote in a note to clients.

The analyst firm is forecasting $6 billion in revenue in 2030 and earnings of close to $7.25 per share. 

"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," JPMorgan said.

See Also: Why Virios Therapeutics Shares Are Getting Hammered

LAZR Price Action: Luminar has a 52-week high of $18.16 and a 52-week low of $5.60.

The stock was up 6.48% at $9.70 at time of publication.

Photo: courtesy of Luminar.

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