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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Northland Sees Huge Upside In Luminar Tech

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