Luminar price target lowered to $1 from $1.50 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Luminar to $1 from $1.50 and keeps a Sell rating on the shares as part of a broader research note on auto tech. The firm expects a “more measured” pace of LIDAR adoption and continued negative free cash flows amid a slower ramp of vehicles with higher levels of autonomy that generally utilize lidar sensors, OEMs mostly avoiding lidar with L2/L2+ vehicles and relying on cameras or radar, and the ongoing average selling price declines, the analyst tells investors in a research note.