Keep an eye on Mobileye Global (MBLY), we noted on March 8.
At the time, it traded at $41.52, with us reporting, “Goldman Sachs just initiated a buy rating with a $36 price target. Cowen initiated an outperform rating with a $35 price target. Mizuho has a buy rating with a price target of $35, believing the company could capture a potential $480 billion addressable market. Needham just initiated a buy with a $40 price target. And Raymond James has a Strong Buy rating with a price target of $50 a share.”
While the stock pulled back to a current price of $40.83 on a bad quarter (thanks in part to Tesla price cuts in China), we still believe it could see higher highs, as do other analysts.
Berenberg analysts, for example, just initiated coverage of MBLY with a buy rating with a $44 price target. The firm said, “the car business is on the edge of being transformed by improving self-driving car systems enabled by artificial intelligence and machine learning. He sees Mobileye, which develops sensing solutions and software for driver-assistance features on cars, as a leader,” as noted by Barron’s.
Helping, MBLY just announced its collaboration with Porsche. In fact, according to the press release, “The sports car manufacturer Porsche and the technology company Mobileye have entered into a strategic collaboration for series production of premium ADAS solutions. In future models, Porsche plans to offer automated assistance and navigate-on-pilot functions based on the Mobileye SuperVision technology platform.”