Cantor Fitzgerald analyst Andres Sheppard downgraded Ouster (OUST) to Neutral from Overweight with a price target of $19, up from $14. While Cantor is encouraged by the recent Department of Defense approval of its OS1 digital lidar, the firm is becoming more conservative on valuation, the analyst tells investors in a research note. Ouster benefits from a differentiated product line with several total addressable market applications and a proven, diversified customer base, but at current levels, Cantor no longer sees this as a viable entry point, the firm says.
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