Goldman Sachs downgraded Innoviz Technologies (INVZ) to Neutral from Buy with a price target of 75c, down from $1.25. The firm notes that its industry discussions suggest better momentum for the company’s competitors than it had previously expected at auto OEMs and AV providers, the analyst tells investors in a research note. Innoviz has also completed its SODW – statement of development work – with a global top 5 passenger OEM, and while Goldman had expected this to convert to a series production award, this has not materialized thus far, the firm added.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on INVZ:
- Innoviz Technologies Receives Nasdaq Minimum Bid Price Non-Compliance Notice
- Innoviz Technologies receives Nasdaq non-compliance letter
- Innoviz Technologies Earnings Call Shows Growth, But Risks
- Innoviz Technologies’ LiDAR sensors intergate with Dataspeed’s AV systems
- Innoviz Technologies management to meet virtually with Northland