Craig-Hallum lowered the firm’s price target on Luminar to $2.25 from $4 and keeps a Hold rating on the shares. The firm notes Luminar missed its second quarter in a row largely due to delay in revenues related to the Volvo EX90. Craig-Hallum says it really isn’t surprised by this considering the number of headwinds the automotive industry has faced over the last 6-18 months.
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