Luminar Technologies shares are trading lower after B of A Securities downgraded the stock from Neutral to Underperform and lowered its price target from $3.50 to $1.20.
Portfolio Pulse from Benzinga Newsdesk
Luminar Technologies' stock (LAZR) trades lower following a downgrade by B of A Securities from Neutral to Underperform, with a price target reduction from $3.50 to $1.20.
April 10, 2024 | 11:23 am
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NEGATIVE IMPACT
Luminar Technologies' stock trades lower after a downgrade by B of A Securities from Neutral to Underperform, and a significant price target cut from $3.50 to $1.20.
The downgrade by a major financial institution like B of A Securities directly impacts investor sentiment and market perception of Luminar Technologies, likely leading to a decrease in stock price in the short term. The significant reduction in the price target further exacerbates negative sentiment, indicating a lack of confidence in the company's short-term growth prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100