Northland analyst Gus Richard reiterated his Outperform rating and a $38 price target on Luminar Technologies Inc (NASDAQ: LAZR). The price target implies an upside of 175%.
The re-rating follows Luminar's partnership with Daimler AG (OTC: DDAIF) Mercedes-Benz to accelerate the development of future automated driving technologies for passenger cars.
Related Content: Why Luminar Technologies Shares Are Ripping Higher Today
Northland hailed the deal as "a major commercial win for Luminar."
Given reference designs at NVIDIA Corp (NASDAQ: NVDA), a partnership with Intel Corp's (NASDAQ: INTC) Mobileye, the first production cars with Lidar in 2022 and now Mercedes' passenger car win, it is "difficult to dispute" that Luminar is "the Lidar Leader," argues Richard.
Price Target: LAZR shares traded lower by 7.93% at $13.81 on the last check Friday.
Latest Ratings for LAZR
View More Analyst Ratings for LAZR View the Latest Analyst Ratings
See more from Benzinga
Credit Suisse Cuts Cloudflare Price Target By 32%
Snap Ramps Up International Expansion Capitalizing On Cleaner Image
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
