Mobileye N.V (MBLY) PT Raised to $11 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the price target on Mobileye N.V (NASDAQ: MBLY) to $11.00 (from $10.00) while maintaining a Underweight rating.

The analyst comments "Lyft (covered by Doug Anmuth) announced further details in relation to its plans relative to launching Robotaxis in partnership with Mobileye, what is generally perceived by investors we talked to as a competitive move against Uber and Tesla. Mobileye is expected to see commercial deployment of its Drive platform as Lyft is set to launch Mobileye powered robotaxi services starting with Dallas in 2026, with the program expected to further ramp into additional markets. The latest announcement is incremental to the prior announcement from the partnership, in terms of finalizing timelines, geography, as well as the partner for owning and operating the fleet - Marubeni. While the incremental details shared today lend more confidence in the imminent roll-out of a fleet equipped with Mobileye’s autonomous technology, we adopt a conservative approach in modeling the medium-term impact to Mobileye’s financials with limited details yet on the OEM partner to build the vehicle. As a result, we forecast modest contribution to Mobileye revenues in 2026 which we now forecast to expand +12% y/y in aggregate vs. +10% y/y prior, still remaining confined to a magnitude of growth which we believe does not warrant a 61x NTM P/E valuation for the shares till visibility into acceleration to stronger growth trajectory improves. We are increasing our revenue ramp for the out years led by higher revenue from Drive, and now forecast 2030 Revenue/EPS of $4.0 bn / $1.35 vs. $3.9 bn/ $1.30 prior, and increase our Dec-25 price target to $11."

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