Luminar price target lowered to $5 from $7.50 at BofA

BofA lowered the firm’s price target on Luminar (LAZR) to $5 from $7.50 and keeps an Underperform rating on the shares. The firm lowered its North American auto production estimate to 16.1M from 16.7M to reflect plant downtime and a material increase in Chinese imports to Mexico. Auto suppliers’ outlooks point to “another tough year ahead since production volumes are expected to decline,” the analyst added.