Luminar price target lowered to $6 from $9 at Citi

Citi lowered the firm’s price target on Luminar to $6 from $9 and keeps a Buy rating on the shares. The analyst reduced estimates post the Q2 report to reflect slower ramps and industry adoption. However, the firm continues to see “major” long-term tailwinds and an acceleration of industry bookings over the next several months for Luminar. It views the company’s balance sheet restructuring as a prudent move to bolster liquidity in light of the current market environment.