This autonomous driving tech stock could quintuple from here

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.

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.