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Intel Corporation (NASDAQ:INTC) has agreed to acquire Mobileye NV (NYSE:MBLY) for $15.3 billion.
This move is “just the latest affirmation that autonomous cars are quite real with attendant eventual implications for a proliferation of in-car entertainment,” Wunderlich’s Matthew Harrigan said in a report.
Harrigan downgraded the rating on Sirius XM Holdings Inc. (NASDAQ:SIRI) from Buy to Hold, commenting that he was “reluctantly moving to the sideline.” He raised the price target from $5.00 to $5.50.
Long-Term Intact
Mobileye is a vision technology leader with advanced system-on-chip, or SoC, products. The analyst pointed out, however, that Sirius XM’s long-term prospects were protected by the company’s “engineering development integration with OEMs [original equipment manufacturers], large installed base, exclusive sports and talk content rights, and long tail on traditional car ownership.”
Related Link: Intel Inherits Mobileye's Problems
Harrigan explained that truly autonomous cars needed to integrate hardware and software, particularly “sensors, braking, cognitive AI [artificial intelligence] elements including neural networks, etc.” Providing more entertainment options in the car, including video and social media, is “a clear major priority” for traditional global OEMs as well as new entrants.
Thus, Sirius XM would need to adapt to “major technology flux within the vehicle, although its embedded engineering relationships with automotive OEMs confer a significant advantage,” the analyst stated.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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