Luminar price target lowered to $4 from $12 at Baird

Baird lowered the firm’s price target on Luminar to $4 from $12 and keeps an Outperform rating on the shares. The firm said the company is on track to expand its order book by $1 billion this year, with additional wins expected by the end of the year. While some formal design wins could slip into 2024, macro weakness has not had any impact on the order book yet it reduces our long-term revenue outlook.