- Northland analyst Gus Richard reiterated his Outperform rating and a $38 price target on Luminar Technologies Inc LAZR. The price target implies an upside of 175%.
- The re-rating follows Luminar's partnership with Daimler AG 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 NVDA, a partnership with Intel Corp's 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.
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