Luminar Set To Get Pricier As It Is Positioned As Industry Leader In LiDAR, Analyst Says

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  • JPMorgan analyst Samik Chatterjee initiated coverage of Luminar Technologies, Inc LAZR with an Overweight rating and a $30 price target.
  •  Chatterjee's expectations for the company is to be positioned as an industry leader concerning LiDAR technology and, more broadly, with autonomous driving technology, with Luminar's capabilities across software and already strong relationships with OEMs to act as a Tier 1 design partner. 
  • He forecasts Luminar will exit the decade with the most substantial revenue amongst the peer group despite a smaller order book relative to Innoviz Technologies Ltd INVZ
  • Luminar has the most wins for a stand-alone LiDAR company, including traditional and non-traditional OEMs. 
  • It also has revenue prospects around software with investments in a software stack with Zenseact, driving revenue opportunities for the company to be much larger relative to peers focused on hardware differentiation alone. 
  • The higher revenue run-rate due to its focus on L3+ applications is driving specific car markers to make LiDAR standard on vehicles with L2 functionality as they plan their L3 platforms. 
  • Chatterjee expects $6 billion of revenue and "industry-leading" profitability to drive earnings per share power of close to $7.25 in 2030 for Luminar.
  • Price Action: LAZR shares traded higher by 6.93% at $9.74 on the last check Tuesday.
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