Benzinga | Jan 21, 2022 12:08PM EST

Here's Why Northland Sees Huge Upside In Luminar Tech

* Northland analyst Gus Richard reiterated his Outperform rating and a $38 price target on Luminar Technologies Inc (NASDAQ:LAZR). The price target implies an upside of 175%.

* The re-rating follows Luminar's partnership with Daimler AG (OTC:DDAIF) Mercedes-Benz to accelerate the development of future automated driving technologies for passenger cars.

* Related Content: Why Luminar Technologies Shares Are Ripping Higher Today

* Northland hailed the deal as "a major commercial win for Luminar."

* Given reference designs at NVIDIA Corp (NASDAQ:NVDA), a partnership with Intel Corp's (NASDAQ:INTC) Mobileye, the first production cars with Lidar in 2022 and now Mercedes' passenger car win, it is "difficult to dispute" that Luminar is "the Lidar Leader," argues Richard.

* Price Target: LAZR shares traded lower by 7.93% at $13.81 on the last check Friday.