JPMorgan analyst Jash Patwa downgraded Luminar to Underweight from Neutral without a price target. The company had a series of negative developments late last week that raise significant concerns about its ability to continue as a going concern, the analyst tells investors in a research note. The firm says Luminar missed a quarterly interest payment on its second lien senior secured notes due October 15, which, after a 15-day grace period, resulted in an event of default on October 30. "The additional developments disclosed alongside the default suggest it is likely too late to turn the ship around," contends JPMorgan.
