Luminar Technologies Inc (NASDAQ: LAZR) shares are trading higher Tuesday after JPMorgan (NYSE:JPM) initiated coverage with an Overweight rating and a $30 price target.
Despite having a smaller order book than Innoviz Technologies Ltd (NASDAQ: INVZ) currently, JPMorgan expects the company to exit the decade with the strongest revenue relative to its peers.
"The higher revenue run-rate is driven by the company’s focus on L3+ applications, which is driving certain OEMs to make LiDAR standard on vehicles with L2 functionality as they plan their L3 platforms," JPMorgan analysts wrote in a note to clients.
The analyst firm is forecasting $6 billion in revenue in 2030 and earnings of close to $7.25 per share.
"Luminar will likely be the largest pure-play LiDAR supplier at the end of the decade, and the supplier with the highest margins, and the only supplier we expect not to require incremental capital to navigate a ramp," JPMorgan said.
LAZR Price Action: Luminar has a 52-week high of $18.16 and a 52-week low of $5.60.
The stock was up 6.48% at $9.70 at time of publication.
Photo: courtesy of Luminar.
Latest Ratings for LAZR
| Feb 2022 | Goldman Sachs (NYSE:GS) | Initiates Coverage On | Neutral | |
| Jan 2022 | Jefferies | Initiates Coverage On | Buy | |
| Dec 2021 | Cowen & Co. | Initiates Coverage On | Outperform |
View the Latest Analyst Ratings
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