2023-04-25 10:43:47 ET
Luminar Technologies ( NASDAQ: LAZR ) was initiated at Buy on Tuesday as the firm anticipates the firm to separate itself from a crowded field in LiDAR technologies.
“We observe that dominant ecosystems are typically vertically-integrated chip-hardware-software companies and view LAZR as best positioned to capture a dominant
share in the nascent LiDAR market due to its full-stack platform,” equity analyst Mrk Lipacis told clients. “We believe the ramp of its high-volume manufacturing facility in 2H23 to ship to Volvo will serve as a near-term catalyst for the stock.”
While Lipacis noted that cash burn is a reasonable concern, the “longer-term market leadership” for the stock keeps him interested. As such, a Buy rating and a $12 price target is appropriate in his view.
Read more on the company’s Asian expansion plans .
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Luminar started at Buy as Jefferies anticipates LiDAR market leadership