Mobileye price target raised to $50 from $42 at Evercore ISI

Evercore ISI analyst Chris McNally raised the firm’s price target on Mobileye (MBLY) to $50 from $42 and keeps an Outperform rating on the shares. After last week’s offering, Intel’s (INTC) ownership of Mobileye declined from 94% to about 89% on the release of 38.5M additional shares, but Evercore believes Intel is likely to hold above the 80% ownership threshold through the end of 2024 as selling shares under that level would result in a large tax liability. With this “well discussed ‘headwind’ in the rearview,” the firm says it remains “bullish” about Mobileye’s prospects as “a multi-year compounding AutoTech story.”