Northland analyst Gus Richard named Luminar Technologies Inc (NASDAQ: LAZR) a top pick for 2022.
Richard noted the company is "leading the automotive lidar race" and contended that it will "likely be the only company in a production vehicle next year."
Luminar is working with the two "leading merchant chip companies," as it is partnering with Intel Corp's (NASDAQ: INTC) Mobileye, and it is in NVIDIA Corp's (NASDAQ: NVDA) reference design, said Richard.
Richard keeps an Outperform on Luminar with a price target of $38, implying an upside of 121%.
Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering lidar and associated software that meets the industry's stringent performance, safety, and economic requirements.
Price Action: LAZR shares traded lower by 3.66% at $17.14 on the last check Tuesday.
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