In a report published Thursday, Deutsche Bank analyst Rod Lache upgraded the rating on Mobileye NV MBLY from Hold to Buy, and reiterated the $53.00 price target.
In the report, Deutsche Bank noted, “We lowered our recommendation on Mobileye to Hold from Buy in early Sept based on valuation. We also wondered whether the Street had sufficiently contemplated the risks (OEMs are obsessive about maintaining multiple sources of supply, and it is difficult to tally contract awards, so there was risk of the Street over-reacting to competitors' boasts about ‚ADAS‛ contract wins; we also believed that ATP's for a number of early semi-autonomous contracts could come in below the Street's assumptions, due to limited functionality). However, MBLY's shares have declined by 28% since their peak in early Oct. (vs a 5.5% increase in the S&P 500), and now offer 27% upside to our target.”
Mobileye closed on Wednesday at $41.81.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in