Luminar Upgraded to Outperform from Market Perform at Northland

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Northland analyst Gus Richard upgraded Luminar (LAZR) to Outperform from Market Perform with an unchanged price target of $38 after the company announced a full-stack software solution through its partnership with Zenseact.

He believes most OEMs do not have the capability to develop a full-stack software capability for hands-free highways and this offering enhances the value of Luminar.

Richard notes that there are currently six lidar companies that are public or in the process of going public via a SPAC merger and he continues to believe that Luminar will be a leader in the space.