Luminar downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Luminar (LAZR) to Neutral from Overweight without a price target following the announcement of founder and CEO, Austin Russell, stepping down effective immediately. Russell’s leadership in technology and his industry reputation “were central to the bull thesis for the company,” the analyst tells investors in a research note. The firm says the uncertainty surrounding Luminar’s technology leadership, the conversion of commercial negotiations, and the overall long-term roadmap leads it to adopt a more cautious stance, especially in the context of a “choppy” auto industry backdrop due to tariff uncertainty.