Keep an eye on Mobileye (MBLY). While MBLY isn’t new to most of the market, it still offers an interesting opportunity, we noted on October 26.
At the time, the stock traded at $29.39. Now, it’s up to $34.68.
For one, as noted by CNBC, “Founded in 1999, Mobileye has partnered with Audi, BMW, Volkswagen, GM, and Ford to develop advanced driving and safety features such as driver assist and lane-keeping using the company’s ‘EyeQ’ camera, chips, and software. Mobileye CEO Amnon Shashua said in the IPO filing that 50 companies are currently using the company’s technology across 800 vehicle models.”
Two, analysts at Deutsche Bank just said the company is “ahead of the curve.”
Analyst Emmanuel Rosner also initiated a buy rating on the stock, with a price target of $48 a share. That’s because Mobileye’s technology is likely to capture a “meaningful share of the fast-growing autonomous-driving market, much the same way it has become dominant in ADAS,” he added. “Mobileye is at the start of considerable revenue and earnings acceleration … as automakers and mobility providers adopt its cost-effective turnkey solutions which scale up to ever-higher levels of autonomy.”
Last trading at $34.68, the stock is up about 10% on the day on a volume spike to 2.57 million shares, as compared to a daily average volume of about 1.99 million.