Mobileye (NASDAQ:MBLY) stock is on the move Tuesday after Morgan Stanley analyst Adam Jonas renewed coverage of the driver assistance systems company.
With that comes the Morgan Stanley analyst setting an “equal weight” rating for shares of MBLY stock. For the record, the analyst consensus rating for MBLY is sitting at “moderate buy” based on 24 opinions.
To go with that restarted coverage of MBLY stock, Jonas also set a price target of $34 per share for the company. That represents a potential downside of 16.7% compared to yesterday’s closing price. It’s also below the analyst consensus price prediction of $46.91 per share.
What’s Behind the MBLY Stock Rating
The Morgan Stanley analyst explained his stance on MBLY stock in a note to clients obtained by Seeking Alpha. Jonas said in a portion of that note:
“Either way, we would say MBLY does deserve a place in AI portfolios given their exposure to the AV theme and leadership in the vertical […] While we don’t expect 2Q units to be a major needle-mover, forward commentary will be key to the narrative […] As the sole SuperVision customer exited 1Q with inventory on hand, MBLY’s 2Q SuperVision sales may have limited upside given the inventory backlog.”
MBLY stock is largely unmoved as of Tuesday morning. However, the company’s shares are up 24.4% since the start of the year.
Investors looking for more of the latest stock market news today are in the right place!
InvestorPlace is home to all of the hottest stock market coverage that traders need to read about on Tuesday! A few examples include why shares of Nio (NYSE:NIO), Biogen (NASDAQ:BIIB) and Bellerophon Therapeutics (NASDAQ:BLPH) stock are on the move today. All of that news is readily available at the links below!
More Stock Market News For Tuesday
- NIO Stock Revs Up on New Economic Hopes
- Biogen Layoffs 2023: What to Know About the Latest BIIB Job Cuts
- Why Is Bellerophon Therapeutics (BLPH) Stock Down 34% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
