Guggenheim keeps a constructive view on AEye (NASDAQ:LIDR) after taking in the company's Q3 earnings report.
Analyst Joseph Osha notes that AEye continues to make progress in building out partnerships and customers, most notably with Continental.
"While volume production isn’t going to kick in until 2024, the Continental relationship continues to be an important validation of LIDR's technological viability. We also believe that the licensing approach in automotive is likely to end up being the right way forward, as opposed to attempting a higher level of vertical integration."
AEye is seen being on track to hit its financial targets.
Guggenheim reiterates a Buy rating on LIDR and assigns a price target of $14.
Shares of LIDR are down 13.19% following the earnings update and stand below the 50-day, 100-day and 200-day moving averages.
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