Mobileye price target lowered to $71 from $77 at Citi

Citi lowered the firm’s price target on Mobileye to $71 from $77 and keeps a Buy rating on the shares. The company reported a solid Q1 but "surprising" 2023 guidance cut driven by lower volume assumptions for Mobileye’s current SuperVision customer in China, the analyst tells investors in a research note. However, Citi believes the story is unchanged and says management’s new business commentary points to significant new business catalyst potential on the second half of 2023.