Mobileye (NASDAQ:MBLY) announced that it had bagged orders to ship 46 million of its EyeQ6 Lite assisted-driving chips over the coming years. The EyeQ 6 Lite is a system-on-chip that can power advanced driver-assistance systems (ADAS) in multiple car models launching this year.
However, the Israeli company that develops self-driving technologies did not disclose the names of its customers as it is bound by non-disclosure agreements (NDA). Some of MBLY’s disclosed customers include Volkswagen (OTC:VWAGY) and Porsche.
In a Reuters interview, Mobileye’s EVP, Nimrod Nehushtan, stated that the 46 million EyeQ6 Lite units represent business won by the company to date. Additionally, the company has further plans for the growth and rollout of these chips over the coming years.
What Is the Target Price for MBLY Stock?
Analysts remain bullish about MBLY stock, with a Strong Buy consensus rating based on 14 Buys, two Holds, and one Sell. Year-to-date, MBLY has declined by more than 30%, and the average MBLY price target of $36.71 implies an upside potential of 21.8% from current levels.
