Luminar price target lowered to $5 from $6 at Rosenblatt

Rosenblatt lowered the firm’s price target on Luminar to $5 from $6 and keeps a Neutral rating on the shares. The Q3 revenue miss was due to timing of some contracts and increased development time needed for Iris+ , which led to lower FY24 revenue guidance. While the firm understands that ramping a new product into automobile industry-standards production is “a very difficult task” and thinks management is “making good progress,” it continues to recommend investors stay on the sidelines.