Luminar price target lowered to $16 from $30 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Luminar to $16 from $30 and keeps an Overweight rating on the shares. His 2023 networking and hardware outlook includes a shorter term six-month view on stock recommendations. Chatterjee prefers the combination of revenue/earnings resilience, backlog led visibility into revenues, and diversification of growth drivers within his coverage universe. This leads him to recommend Juniper (JNPR) and Amphenol (APH) as top picks and Analyst Focus List recommendations, and Keysight (KEYS), Arista (ANET), CDW (CDW), and Fabrinet (FN) as other stock recommendations for the first half of 2023.