Mobileye price target lowered to $39 from $45 at RBC Capital

RBC Capital lowered the firm’s price target on Mobileye to $39 from $45 and keeps an Outperform rating on the shares. The company’s final Q4 report gave investors confidence that the inventory de-stocking issue is transitory and was almost fully resolved by the second half of the year, though the firm is also reducing its outer-year assumptions to bake in conservatism for Chauffeur and Drive, which are taking longer to become meaningful line items, the analyst tells investors in a research note.