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Benzinga

Business

Anusuya Lahiri

Here's Why Jefferies Is Bullish On Ambarella, Luminar

AMBA Ambarella Luminar Jefferies Nasdaq David Kelley

Jefferies analyst David Kelley initiated coverages on Ambarella Inc (NASDAQ:AMBA) and Luminar Technologies Inc (NASDAQ:LAZR) with a sharp stock upside.

Kelley initiated Ambarella coverage with a Buy rating and a $170 price target, suggesting an upside of 31%.
The analyst views cameras as key to Advanced Driver Assistance Systems advancements through 2025 and sees Ambarella as an emerging beneficiary given opportunities inside the vehicle via driver monitoring systems and eMirrors alongside ADAS advancements.
Kelley initiated Luminar coverage with a Buy rating and $20 price target, implying an upside of 57%.
The analyst views Luminar as "an emerging LiDAR leader" supported by a robust commercial customer and partner list and sees the company having a roadmap to scaled series production and "likely market share leadership in autos."
Price Action: AMBA shares traded lower by 2.91% at $129.44, and LAZR shares traded lower by 5.67% at $12.74 on the last check Thursday.

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