Luminar price target lowered to $2 from $3.50 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Luminar (LAZR) to $2 from $3.50 and keeps a Sell rating on the shares. The firm reduced its auto industry outlook and estimates, saying it will be hard for the auto industry to fully pass on tariff costs, especially with softening consumer demand more generally. Tariffs will be a source of downside for both auto makers and suppliers, although the car manufacturers can partly mitigate tariffs with pricing, the analyst tells investors in a research note. Goldman’s new estimates also reflect increasing strength of the Chinese car makers, and a slower electric vehicle transition in the U.S. and potentially Europe.