Mobileye in spotlight as Citi starts with Buy rating
Mario Tama
- Mobileye (MBLY) was in the spotlight on Friday as Citi initiated coverage on the Israeli-based tech company with a Buy rating and a $11 price target.
- Shares rose 4.7% in premarket trading.
- "In our view, the global auto industry will continue to find ways to improve vehicle safety, and autonomous technology is at the forefront of improvement over the next decade," Citi analyst Michael Ward wrote in a note to clients. "Mobileye has been a global leader in advanced driver assistance systems (ADAS) for 25 years and has extended into autonomous driving technologies. Financial performance and market potential for MBLY is above the Supplier Comp Group, justifying a premium to the Group, but the concentration on auto warrants a discount to the auto-related semiconductor names."
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