This autonomous driving tech stock could quintuple from here

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Written on Dec 11, 2023

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Wall Street analysts see huge upside in shares of Innoviz Technologies.
Innoviz saw its revenue nearly quadruple in its third financial quarter.
Innoviz stock has been cut in half over the past four months.

Innoviz Technologies Ltd (NASDAQ: INVZ) has been a disappointment for its shareholders this year but Wall Street analysts expect the next twelve months to be materially different for this autonomous driving tech stock.

JPMorgan sees a 500% upside in Innoviz stock

JPMorgan expects the Israeli company that makes light detection and ranging or “LiDAR” sensors used in self-driving cars to hit $13 which suggests a whopping 500% upside from here.

We expect large volume wins, balance of LiDAR costs and performance, and ability to support highway autonomy to position Innoviz to ramp revenues well through the end of the decade.

The investment bank is also convinced that cost discipline will eventually translate to profitability for the Nasdaq-listed firm.

Note that the highest that Innoviz stock traded this year was $5.80 in early February.

Innoviz recently reported its Q3 financial results

Last month, Innoviz Technologies said its revenue nearly quadrupled in its third financial quarter on a year-over-year basis.

Other firms that are super bullish include Berenberg that currently has a $12 price target on the technology company.

Analysts at that investment bank see Innoviz stock as the best-positioned in LiDAR names without a global market share of about 15% based on projected production volumes.

Innoviz Technologies has partnered with notable players over autonomous driving including the German luxury automaker BMW and Volkswagen. It also expects potential revenue worth $7.0 billion over the next decade out of its partnership with an Asian automaker that it hasn’t named so far.