Luminar price target lowered to $7 from $17 at R.F. Lafferty

R.F. Lafferty lowered the firm’s price target on Luminar to $7 from $17 and keeps a Buy rating on the shares following the Q4 report. The reduced price target is the result of lower than expected revenue guidance associated with the delay in the start of production of the Volvo EX90 until the second half of 2024, the analyst tells investors in a research note. Volvo delayed the production schedule for its EX90, which will debut Luminar’s Lidar technology, says the firm.