There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The most important thing to take away is that the analysts increased their loss per share estimates for next year. Factoring in the forecast acceleration in revenue, it's pretty clear that Luminar Technologies is expected to grow much faster than its industry. Compare this with other companies in the same industry, which are forecast to grow their revenue 16% annually. The analysts are definitely expecting Luminar Technologies' growth to accelerate, with the forecast 122% annualised growth to the end of 2023 ranking favourably alongside historical growth of 44% per annum over the past three years. These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Luminar Technologies' past performance and to peers in the same industry. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. There are some variant perceptions on Luminar Technologies, with the most bullish analyst valuing it at US$24.00 and the most bearish at US$4.50 per share. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. The consensus price target held steady at US$12.79, seemingly implying that the higher forecast losses are not expected to have a long term impact on the company's valuation. While this year's revenue estimates held steady, there was also a considerable increase to loss per share expectations, suggesting the consensus has a bit of a mixed view on the stock. Before this latest report, the consensus had been expecting revenues of US$88.7m and US$1.09 per share in losses. Per-share losses are predicted to creep up to US$1.39. Taking into account the latest results, the current consensus from Luminar Technologies' twelve analysts is for revenues of US$88.0m in 2023, which would reflect a sizeable 82% increase on its sales over the past 12 months.
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