Mobileye Global Inc. MBLY shares are trading higher on Monday after the company announced it was awarded a series of production design wins by a "major" Western automaker.
What To Know: After a tough previous week, Mobileye stock's woes were put on hold on Monday when shares rose in response to the company's announcement of several production design wins. It is anticipated that several global brands will employ new automated driving solutions leveraging Mobileye's cutting-edge software tool in 17 internal combustion and electric vehicle models. The technology asserts the ability to offer the brands the highest level of customization and personalization in their driving experiences. The vehicles are slated to roll out in 2026.
Mobileye CEO Amnon Shashua commented on the victory, saying, "These design wins represent an historic milestone in the development of automated driving, and will greatly increase its availability to customers globally. Execution of these production programs will set the standard for software-driven intelligent driving, leveraging the expertise of both companies at volume to serve customers around the world."
Raymond James analyst Brian Gesuale also maintained Mobileye Global with a Outperform on Monday and lowered the price target from $48 to $40. The stock has received several other price target changes over the past several weeks, ranging from $22 to $54.
Monday's move was preceded by a sell off last week which intensified when the company issued preliminary full-year 2023 financial results and initial 2024 guidance.
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MBLY Price Action: Shares of MBLY were up 2.95% at $31.39 at the time of publication, according to Benzinga Pro.
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