Why Mobileye Shares Are Rising Today

Mobileye Global Inc MBLY shares are trading higher Monday after several analysts initiated coverage on the stock with positive ratings.

• Wolfe Research analyst Shreyas Patil initiated coverage on Mobileye with a Peer Perform rating.
• Citigroup analyst Itay Michaeli initiated coverage on Mobileye with a Buy rating and announced a price target of $77.
• Goldman Sachs analyst Mark Delaney initiated coverage on Mobileye with a Buy rating and announced a price target of $36.
• Cowen & Co. analyst Joshua Buchalter initiated coverage on Mobileye with a Outperform rating and announced a price target of $35.
• Raymond James analyst Brian Gesuale initiated coverage on Mobileye with a Strong Buy rating and announced a price target of $50.
• RBC Capital analyst Joseph Spak initiated coverage on Mobileye with a Outperform rating and announced a price target of $41.
• Needham analyst Rajvindra Gill initiated coverage on Mobileye with a Buy rating and announced a price target of $40.
• Mizuho analyst Vijay Rakesh initiated coverage on Mobileye with a Buy rating and announced a price target of $35.
• BofA Securities analyst John Murphy initiated coverage on Mobileye with a Neutral rating and announced a price target of $34.

Intel Corp INTC bought Mobileye in 2017 for $15.3 billion before deciding to to spin off the company at the end of last year. Just last month, Intel raised $861 million in the Mobileye IPO, which opened for trading with a valuation around $17 billion.

Mobileye is developing autonomous driving technologies and advanced driver-assistance systems for the future of transportation.

MBLY Price Action: Mobileye has traded between $24.85 and $31.88 over the last month. 

The stock was up 4.47% at $29.69 at time of publication, according to Benzinga Pro.

Photo: courtesy of Mobileye.