And based on 2025 revenue assumptions, he sees Luminar trading at four times the valuation of competitors Innoviz and Hesai, both of which have also won business from automakers.įennimore argues that Delaney missed two key points. Simply put, while Delaney acknowledges that Luminar is one of only a few lidar makers winning deals with major automakers, he thinks that Luminar won't be able to get the prices it's hoping to get from those automakers. "However, we see downside to the company's margin outlook with the company targeting revenue per vehicle of ~$1k which we believe implies ASPs roughly 50-100% higher than key competitors." "We continue to see Luminar as one of a handful of leaders in the very competitive lidar industry," Delaney wrote. Luminar's shares have fallen about 16% since Delaney's note was published.
Personal Loans for 670 Credit Score or Lowerĭelaney on Tuesday afternoon cut Goldman's rating on Luminar to sell, from hold, arguing that its shares are overpriced relative to key competitors and that Luminar's own pricing assumptions are unrealistically high. Personal Loans for 580 Credit Score or Lower
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