Luminar price target lowered to $14 from $15 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Luminar to $14 from $15 and keeps a Buy rating on the shares. At its recent first ever-investor day, the company initiated a "somewhat soft" 2023 guidance, which is attributed to the delayed timing of the Volvo’s start of production, the analyst tells investors. The company also showcased its "strong commercial and cost transaction" and shared its mid- to long-term targets, the firm adds. Management is calling for 100%+ revenue growth in 2023 and positive gross margin by Q4, both of which come in below Street estimates, but this is, once again, due to the delayed production start with Volvo’s EX90, the firm notes.