Mobileye N.V (MBLY) PT Lowered to $17 at Baird

Baird analyst Luke Junk lowered the price target on Mobileye N.V (NASDAQ: MBLY) to $17.00 (from $24.00) while maintaining a Outperform rating.

The analyst commented: "MBLY traded sharply lower following another reduction in 2024 guidance, reflecting a meaningful reduction in EyeQ shipment guidance (down 3.5 million) plus as a sharp reduction in SuperVision unit guidance. While perceived by us as the point of maximum pain at that time, the stock has continued to be under pressure, and recent negative news flow included the formal disclosure that the Zeekr 001 will only include SuperVision on base trim vehicles going forward (management assumes 20-30% of overall Zeekr 001 volume). Thus, turning the page to 3Q24, we believe additional refinement of SuperVision expectations is possible, and the ongoing volatility of the Chinese market also presents continued risk. We believe the best approach is to remain cautious into the print, if only to digest any incremental updates without (higher) associated heartburn, with MBLY setting up more favorably for positive news flow thereafter including what appears to be still likely SuperVision/Chauffer awards, possible increased attention paid to surround view ADAS, and investor anticipation of the company’s December capital markets day (assuming underlying financial assumptions are appropriately framed beforehand)."

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