Baird Downgrades Velodyne Lidar To Neutral; Reduced Price Target Implies Over 15% Upside

July 20, 2021 7:08 AM | 1 min read | Make a Comment

Baird analyst Tristan Gerra has downgraded Velodyne Lidar Inc VLDR to Neutral from Outperform with a price target of $10, down from $18, implying a 15.34% upside.
The CEO departure casts further uncertainly in the company's outlook after design win losses earlier in the year and a high-profile board/founder fight, Gerra noted.
Additionally, volume opportunities for lidars in the automotive space have transitioned from robotaxis to highway safety features, which requires different lidar technologies and where Velodyne is not currently well-positioned.
Price action: VLDR shares traded higher by 0.23% at $8.69 in the premarket session on the last check Tuesday.