6 analyst cuts of the day: Luminar stock tumbles on Goldman downgrade | Pro Recap

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday.

Luminar Technologies downgraded at Goldman, shares plunge

Goldman Sachs downgraded Luminar Technologies (NASDAQ:LAZR) to Sell from Neutral with a price target of $5.00, reflecting margin risk and a premium valuation.

The firm continues to see Luminar as one of a handful of leaders in the very competitive lidar industry, as evidenced by design wins with several companies in the ADAS/AV ecosystem. However, they see a downside to the company's margin outlook with the company targeting revenue per vehicle of approximately $1,000, which implies ASPs that are roughly 50-100% higher than key competitors for MEMs/solid state lidar.

Shares fell more than 13% in recent trading after tanking in the premarket as well.

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Invitation Homes downgraded at Mizuho

Mizuho Securities downgraded Invitation Homes (NYSE:INVH) to Neutral from Buy and cut its price target to $32.00 from $33.00.

The company reported its Q4 results last month, with both EPS and revenues coming in better than the consensus estimates.

Shares were off 2.5% lately.

4 more cuts

Piper Sandler downgraded Godaddy (NYSE:GDDY) to Neutral from Overweight.

Bernstein downgraded Wipro (NYSE:WIT) to Underperform from Market Perform and cut its price target to $3.90 from $5.10.

Goldman Sachs resumed coverage on Macerich Company (NYSE:MAC) with a Sell rating.

Bernstein initiated coverage on Ionis Pharmaceuticals (NASDAQ:IONS) with an Underperform rating and a price target of $31.00.