Mobileye surges on positive 4Q results By Investing.com

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Mobileye surges on positive 4Q results

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MBLY

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Shares of Mobileye Global (MBLY) are up 3.06% in mid-day trading on Thursday after the company reported better-than-expected 4Q22 operating results. Revenue for the quarter was reported at $565m, above the consensus estimate of $536m, climbing 59% YoY helped by EyeQ SoC growth of 48% driven by higher volumes and ASP. EPS of $0.27 outpaced the $0.18 consensus estimate.

Deutsche Bank (ETR:DBKGn) reiterated a Buy rating and $48.00 price target on Mobileye following the advanced driver assistance company’s report and guidance. Management initiated guidance calling for sales in the range of $2,192m-2,282m compared to the street’s estimates calling for $2,210m, suggesting solid a upside at midpoint of $2,237m.

Separately, the company continues to gain traction for its SuperVision programs with top OEM customers, announcing that its new development program with a premium European OEM has now been expanded to include eyes-off/hands-off Chauffeur capabilities (launching in 2025).

By Michael Elkins | Michael.Elkins@streetinsider.com

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