Needham & Company Starts Mobileye N.V (MBLY) at Buy
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Needham & Company initiates coverage on Mobileye N.V (NYSE: MBLY) with a Buy rating and a price target of $55.00.
Analyst Rajvindra Gill commented, "We are initiating coverage of Mobileye with a Buy and establishing a 12-month $55 price target. Mobileye has created a significant first-mover advantage in monocular vision SoCs to the automotive market. Its EyeQ chips provide a solution to advanced driver assistance system (ADAS) functions. Based on our proprietary, bottom-up market model, we estimate 23.4 million vehicles will have Level 2 to Level 3 ADAS capability by 2019/2020. With MBLY’s proprietary vision recognition software and expansive relationships with the leading automotive OEMs, high barriers to entry exist. Moreover, we contend MBLY is well positioned to benefit from what we believe is the inevitable transition to semi-autonomous and eventually fully-autonomous vehicles, with design wins already secured with several leading OEMs."
Shares of Mobileye N.V closed at $37.54 yesterday.
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