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Luminar Shares Plunge after Goldman Sachs Downgrade
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Luminar Shares Plunge after Goldman Sachs Downgrade

Shares of Luminar (NASDAQ:LAZR) plunged today, which may be attributed to an analyst downgrade. Indeed, Mark Delaney of Goldman Sachs (NYSE:GS) changed his rating on the stock from Hold to Sell while assigning a price target of $5 per share. For reference, his previous price target was $8 per share.

Delaney cited the stock’s valuation as the reason for the downgrade. With LAZR recently trading above his prior price target, the stock was essentially fully valued at more than 30 times 2023 sales. As a result, profit-taking was likely the best course of action at those levels.

Overall, Wall Street analysts have a consensus price target of $14.14 on LAZR stock, implying over 112% upside potential, as indicated by the graphic above.

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