Mobileye catalysts support path to $72 per share, says Citi

Citi says Mobileye’s recent new business momentum and other industry data points suggest the firm’s thesis around a “domino effect” of new advanced driver assistance systems/autonomous vehicle business awards is starting to play out. The firm sees a “potentially catalyst rich” 6-12-month period that could see significant new business wins from Mobileye’s current pipeline, a backfill of that pipeline with other large automakers, and additional wins that include Chauffeur in the mix. Citi believes these will support a path to $72 per share and keeps a Buy rating on Mobileye with a $72 price target.