What happened
We're barely over a month into 2023, but if the world keeps moving in the right direction for Mobileye (MBLY -5.50%), this could be the company's year.
The autonomous-driving and driver-assistance tech specialist has had a fine week so far, with its share price climbing by 18% week-to-date as of early Friday morning, according to data compiled by S&P Global Market Intelligence. The company was still basking in the afterglow of a good set of quarterly results published last week.
So what
Mobileye ended last week on a high note, releasing fourth-quarter and full-year results that impressed the market.
They also wowed analysts, not least because the headline figures trounced their average estimates. As so often happens in such situations, several pundits made upward adjustments to their takes on Mobileye in the wake of the earnings report. The day after its results were unveiled, no less than five analysts raised their price targets on the stock.
Morgan Stanley joined the party on Monday, with its influential analyst Adam Jonas bumping his price target on the stock $2 higher to $34 per share. That doesn't make Jonas a Mobileye bull, however, as he's maintained his equal weight (hold, in other words) recommendation on the stock.
The story was a bit different with Tigress Financial Partners' Ivan Feinseth, who on Thursday enacted a more significant price target raise. He now feels that Mobileye would be fairly valued at $52 per share, quite some way up the ladder from his preceding $44 per share target. With that, he confidently kept his buy recommendation intact.
Now what
Mobileye, which is a relatively established next-generation auto tech company recently hived back off from Intel (INTC -9.20%), is in the right business at the right time. Automakers are hungry to have the latest and most whiz-bang technology assisting and augmenting the drivers of their vehicles, and Mobileye is right on the cutting edge of such solutions.
