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<blockquote data-quote="Weather Man" data-source="post: 16609780" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3683326-velodyne-lidar-stock-slips-as-bofa-emerges-bearish-on-non-auto-contract-wins" target="_blank">Velodyne Lidar stock slips as BofA emerges bearish on non-auto contract wins</a></p><ul> <li data-xf-list-type="ul">BofA initiates coverage of the U.S. lidar suppliers with Velodyne Lidar (NASDAQ:<a href="https://seekingalpha.com/symbol/VLDR" target="_blank">VLDR</a>) rated at Underperform and Luminar Technologies (NASDAQ:<a href="https://seekingalpha.com/symbol/LAZR" target="_blank">LAZR</a>) at Neutral.</li> <li data-xf-list-type="ul">Aileen Smith says the firm's ratings are "based on the view that lidar is still in a nascent stage of innovation/adoption."</li> <li data-xf-list-type="ul">The analyst says the lidar sensor companies are "uniquely levered to the industry mega-trend of vehicle autonomy, which should translate into outsized unit, revenue, and earnings growth for these companies over our forecast period versus other automotive players. "</li> <li data-xf-list-type="ul">But Smith notes that lidar will be one of several sensor solutions for ADAS/AV capabilities, the price/cost will need to come down to increase penetration, and competition in the lidar sensor space is "incredibly fierce."</li> <li data-xf-list-type="ul">On the ratings front, BofA thinks that Velodyne is lagging Luminar in multi-year contracts for automotive/ADAS/AV series production. Velodyne's growing contracts are in areas outside of the auto space, which concerns the firm.</li> <li data-xf-list-type="ul">Luminar is viewed as the "emerging leader in next-generation, commercial " lidar that is uniquely levered to autonomous vehicles. But production won't start until the end of next year, providing limited proof points at this time and keeping BofA on the sidelines.</li> <li data-xf-list-type="ul">VLDR shares are down 2.2% pre-makret and Luminar is down about 0.6%.</li> <li data-xf-list-type="ul">Related: Today, Velodyne announced a supplier agreement with Gatik, provider of autonomous <a href="https://seekingalpha.com/symbol/TOSBF" target="_blank">short-haul vehicles.</a></li> </ul><p></p><p></p><p><a href="https://seekingalpha.com/news/3683324-autonation-rallies-after-earnings-topper-highlighting-new-growth-deals" target="_blank">AutoNation rallies after earnings topper, highlighting new growth deals</a></p><ul> <li data-xf-list-type="ul">AutoNation (NYSE:<a href="https://seekingalpha.com/symbol/AN" target="_blank">AN</a>) reports same store new vehicle revenue was up 30.7% in Q1 and same store used vehicle revenue was 40.2% higher. Those marks came against a pandemic-influenced comparable. Same-store gross profit was up 27% to $1.0N during the quarter. SG&A expenses as a percentage of gross profit improved 1,120 bps to 62.7%.</li> <li data-xf-list-type="ul">The company announced it has signed an agreement to acquire 11 stores and 1 collision center operating in Hilton Head and Columbia, South Carolina, and Savannah, Georgia, from Peacock Automotive Group. The deal represents approximately $380M in annual revenue.</li> <li data-xf-list-type="ul">Looking ahead, AutoNation remains on track to open 5 new AutoNation USA stores in 2021 and 12 additional new stores in 2022.</li> <li data-xf-list-type="ul">"We are excited to announce our store in San Antonio, TX, which represents a new market for the company, will be opening by the end of Q2. AutoNation is targeting to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026. The AutoNation USA stores will continue to leverage the AutoNation brand, scale, and proven Customer-centric processes to capture a larger share of the used vehicle market."</li> <li data-xf-list-type="ul">Shares of AutoNation are up 3.49% premarket to $100.98 following the <a href="https://seekingalpha.com/news/3683310-autonation-eps-beats-0_95-beats-on-revenue" target="_blank">double earnings beat.</a></li> </ul><p></p><p></p><p><a href="https://seekingalpha.com/news/3683313-lordstown-motors-viewed-cautiously-by-bofa-in-first-look" target="_blank">Lordstown Motors viewed cautiously by BofA in first look</a></p><ul> <li data-xf-list-type="ul">Bank of America takes a cautious view on Lordstown Motors (NASDAQ:<a href="https://seekingalpha.com/symbol/RIDE" target="_blank">RIDE</a>) as its begins coverage on the EV stock.</li> <li data-xf-list-type="ul">The firm assigns a Neutral rating on Lordstown Motors, which it says it predicated on the view that the company is a key beneficiary of, but still just one of many participants within, the automotive industry evolution towards electrification.</li> <li data-xf-list-type="ul">"The company ranks fairly well in our AutoTech entrant/SPAC analysis, meeting 5+ of our 10 outlined criteria. However, although aspects of its go-to-market and commercialization strategy have merits, its longer-term growth trajectory may be challenged by a narrow addressable market," warns BofA.</li> <li data-xf-list-type="ul">BofA assigns a price objective of $13 to RIDE based on an EV/sales of ~0.2X and EV/EBITDA of ~2X off 2025 estimates when Lordtown is expected to have a relatively mature position.</li> <li data-xf-list-type="ul">Shares of Lordstown Motors are down 1.52% premarket to $9.06. Yesterday, RIDE took a tumble <a href="https://seekingalpha.com/news/3682833-lordstown-motors-falls-after-endurance-fails-to-finish-baja-race" target="_blank">after the Endurance failed to finish the Baja race.</a></li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16609780, member: 137766"] [URL='https://seekingalpha.com/news/3683326-velodyne-lidar-stock-slips-as-bofa-emerges-bearish-on-non-auto-contract-wins']Velodyne Lidar stock slips as BofA emerges bearish on non-auto contract wins[/URL] [LIST] [*]BofA initiates coverage of the U.S. lidar suppliers with Velodyne Lidar (NASDAQ:[URL='https://seekingalpha.com/symbol/VLDR']VLDR[/URL]) rated at Underperform and Luminar Technologies (NASDAQ:[URL='https://seekingalpha.com/symbol/LAZR']LAZR[/URL]) at Neutral. [*]Aileen Smith says the firm's ratings are "based on the view that lidar is still in a nascent stage of innovation/adoption." [*]The analyst says the lidar sensor companies are "uniquely levered to the industry mega-trend of vehicle autonomy, which should translate into outsized unit, revenue, and earnings growth for these companies over our forecast period versus other automotive players. " [*]But Smith notes that lidar will be one of several sensor solutions for ADAS/AV capabilities, the price/cost will need to come down to increase penetration, and competition in the lidar sensor space is "incredibly fierce." [*]On the ratings front, BofA thinks that Velodyne is lagging Luminar in multi-year contracts for automotive/ADAS/AV series production. Velodyne's growing contracts are in areas outside of the auto space, which concerns the firm. [*]Luminar is viewed as the "emerging leader in next-generation, commercial " lidar that is uniquely levered to autonomous vehicles. But production won't start until the end of next year, providing limited proof points at this time and keeping BofA on the sidelines. [*]VLDR shares are down 2.2% pre-makret and Luminar is down about 0.6%. [*]Related: Today, Velodyne announced a supplier agreement with Gatik, provider of autonomous [URL='https://seekingalpha.com/symbol/TOSBF']short-haul vehicles.[/URL] [/LIST] [URL='https://seekingalpha.com/news/3683324-autonation-rallies-after-earnings-topper-highlighting-new-growth-deals']AutoNation rallies after earnings topper, highlighting new growth deals[/URL] [LIST] [*]AutoNation (NYSE:[URL='https://seekingalpha.com/symbol/AN']AN[/URL]) reports same store new vehicle revenue was up 30.7% in Q1 and same store used vehicle revenue was 40.2% higher. Those marks came against a pandemic-influenced comparable. Same-store gross profit was up 27% to $1.0N during the quarter. SG&A expenses as a percentage of gross profit improved 1,120 bps to 62.7%. [*]The company announced it has signed an agreement to acquire 11 stores and 1 collision center operating in Hilton Head and Columbia, South Carolina, and Savannah, Georgia, from Peacock Automotive Group. The deal represents approximately $380M in annual revenue. [*]Looking ahead, AutoNation remains on track to open 5 new AutoNation USA stores in 2021 and 12 additional new stores in 2022. [*]"We are excited to announce our store in San Antonio, TX, which represents a new market for the company, will be opening by the end of Q2. AutoNation is targeting to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026. The AutoNation USA stores will continue to leverage the AutoNation brand, scale, and proven Customer-centric processes to capture a larger share of the used vehicle market." [*]Shares of AutoNation are up 3.49% premarket to $100.98 following the [URL='https://seekingalpha.com/news/3683310-autonation-eps-beats-0_95-beats-on-revenue']double earnings beat.[/URL] [/LIST] [URL='https://seekingalpha.com/news/3683313-lordstown-motors-viewed-cautiously-by-bofa-in-first-look']Lordstown Motors viewed cautiously by BofA in first look[/URL] [LIST] [*]Bank of America takes a cautious view on Lordstown Motors (NASDAQ:[URL='https://seekingalpha.com/symbol/RIDE']RIDE[/URL]) as its begins coverage on the EV stock. [*]The firm assigns a Neutral rating on Lordstown Motors, which it says it predicated on the view that the company is a key beneficiary of, but still just one of many participants within, the automotive industry evolution towards electrification. [*]"The company ranks fairly well in our AutoTech entrant/SPAC analysis, meeting 5+ of our 10 outlined criteria. However, although aspects of its go-to-market and commercialization strategy have merits, its longer-term growth trajectory may be challenged by a narrow addressable market," warns BofA. [*]BofA assigns a price objective of $13 to RIDE based on an EV/sales of ~0.2X and EV/EBITDA of ~2X off 2025 estimates when Lordtown is expected to have a relatively mature position. [*]Shares of Lordstown Motors are down 1.52% premarket to $9.06. Yesterday, RIDE took a tumble [URL='https://seekingalpha.com/news/3682833-lordstown-motors-falls-after-endurance-fails-to-finish-baja-race']after the Endurance failed to finish the Baja race.[/URL] [/LIST] [/QUOTE]
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