Mobileye price target lowered to $34 from $45 at Loop Capital

Loop Capital analyst Ananda Baruah lowered the firm’s price target on Mobileye to $34 from $45 but keeps a Buy rating on the shares ahead of its Q4 results tomorrow. The company has negatively pre-announced earlier this month as Tier 1 volume got caught up in the inventory build supply chain dynamics, the analyst tells investors in a research note, adding however that the management believes that 2024 guidance will place a floor under expectations. Loop adds however that the long-term opportunity for Mobileye remains “very attractive” as the company continues to see an opportunity for 60M additional annual systems 2-3 years out.