Despite having fewer orders than its peers, JPMorgan expects Luminar to emerge from this decade as a revenue leader. The company has differentiated itself in light detection and technology providers, known as LiDAR, for autonomous vehicles through a focus on its software, said analyst Samik. JPMorgan’s Chatterjee wrote in a note to clients considering the stock as overpriced. “Luminar is likely to be the largest pure-play LiDAR provider by the end of the decade and the one with the highest margin and the only one we expect to require no incremental capital to operate. heading for a ramp,” Chatterjee said Tuesday. According to his report, shares of Luminar rose more than 4%. The analyst sets a price target of $30 by December 2023, which implies that the stock will more than triple in value. Shares of Luminar are down about 61% from their 52-week high. Chatterjee said Luminar is positioned to generate the most revenue relative to its peers because it already has multiple relationships with automakers including Volvo, Nissan and Mercedes. He said Luminar is expected to be the “vendor of choice” in the long term due to its involvement and design. The Orlando-based company has also invested in its software with Zensact, which Chatterjee sees as a differentiator that will help Luminar grow faster than its hardware-focused peers. “We believe Luminar is focused on L3+ applications, and most engagements will be long-term, with customers looking to work with the company through multiple iterations of automated systems,” said Chatterjee. L3+ value in the coming years. Chatterjee forecasts Luminar will earn $7.25 per share on $6 billion in revenue by 2030. By the end of 2021, with a cash balance of about $750 million, the company doesn’t need additional capital immediately. ie. Luminar went public through SPAC in late 2020, making the then 25-year-old executive one of the first and youngest to become a self-driving car billionaire. It’s one of many looking to capitalize on growing interest in self-driving vehicles. Some in the industry, including Tesla’s Elon Musk, have cast doubt on the need for LiDAR. But Chatterjee said the debate around including LiDAR was “long settled, with decisions to exclude LiDAR largely a decision based on cost rather than performance.” — Michael Bloom of CNBC contributed to this report.