Mobileye NV MBLY may have won a contract to develop driverless car technology in partnership with Intel Corporation INTC for BMW. Israel-based Mobileye said it would hold a news conference Friday to discuss "exciting news."
Those Expected To Be In Attendance
The news conference is likely to be attended by:
News Conference Expectations
"Based on MBLY's presentation & comments from the CFO during his recent meetings with us, we believe the companies will announce a partnership representing the automotive industry's first-ever production commitment towards driverless shared mobility," CLSA analyst Emmanuel Rosner wrote in a note.
"If true, this business win by MBLY, well ahead of launch, will be a significant vote of confidence by BMW in MBLY's autonomous technology and reinforce our view that REM is giving Mobileye a significant competitive advantage," Rosner added.
The analyst reiterated his Buy rating and $58 price target on the stock.
At the time of writing, shares of Mobileye surged 11.38 percent to $46.78 and Intel had gained 2.29 percent on the day, trading at $32.66.
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