Innoviz Technologies (NASDAQ:INVZ) saw analyst praise today despite its underwhelming earnings results. Indeed, Samik Chatterjee of J.P. Morgan has a $13 price target on the stock, which represents a 3.25x increase from current levels.
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Chatterjee points to the company’s growing order book, which includes customers such as BMW (DE:BMW) and Volkswagen (DE:VOW). Indeed, Innoviz is set up to have the largest order book out of all the pure-play public LiDAR companies. In addition, Chatterjee expects the company to “…ramp revenues well through the end of the decade, while cost discipline should drive profitability.”
Despite J.P. Morgan’s optimism, INVZ stock has traded mostly in a volatile sideways range over the past 12 months. Nevertheless, the stock is up over 12% during this timeframe.
