Why Luminar Technologies Stock Is Rising Today - Luminar Technologies (NASDAQ:LAZR)

Luminar Technologies Inc LAZR shares are trading higher Tuesday after JPMorgan initiated coverage with an Overweight rating and a $30 price target.

Despite having a smaller order book than Innoviz Technologies Ltd 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.

See Also: Why Virios Therapeutics Shares Are Getting Hammered

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.

Image and article originally from www.benzinga.com. Read the original article here.