Luminar price target lowered to $4.50 from $5 at BofA

BofA lowered the firm’s price target on Luminar (LAZR) to $4.50 from $5 and keeps an Underperform rating on the shares. The firm lowered estimates, reflecting a reduction in its revenue forecast, partially offset by Luminar’s better-than-expected progress in cutting down operating expenses. The firm also expects Luminar will need to raise “meaningful additional capital” to get to self-funding status, the analyst tells investors.