Luminar price target lowered to $1 from $1.50 at Craig-Hallum

Craig-Hallum analyst Richard Shannon lowered the firm’s price target on Luminar (LAZR) to $1 from $1.50 and keeps a Hold rating on the shares. The firm believes Luminar remains at a crossroads, as it ramps with its first meaningful customer with a vehicle that has lidar as a standard, with another model on the way. As a counterweight, its balance sheet and cost structure need a lot of work and the specter of dilution or at least uncertainty makes it difficult to be involved with the stock, Craig-Hallum says. However, if it can get through this refinancing period soon, it should be in front of a strong ramp of models that numbers at least 20 and should give visibility into breakeven, the firm adds. Until that point in time, Craig-Hallum remains cautious on the impact of these financing activities on the stock.