Luminar price target lowered to $6 from $8 at JPMorgan

JPMorgan analyst Jash Patwa lowered the firm’s price target on Luminar to $6 from $8 and keeps an Overweight rating on the shares. The company’s Q2 results missed estimates on larger than anticipated headwinds from the recalibration of a non-automotive and non-series production customer contract amid slower than expected progress on targets, the analyst tells investors in a research note. The firm says the key news however was Luminar’s announcement of a convertible note exchange transaction, which allows the company to de-risk its balance sheet and extend liquidity runway as the timeline on industry LiDAR adoption is seemingly delayed by two years.