Mobileye Global is a leader in self-driving technology and a buying opportunity for investors, Canaccord Genuity says. Analyst George Gianarikas began coverage of Mobileye with a buy rating, and a $50 price target, saying the autonomous vehicle technology stock is a sustainable play that will also improve supply chains. “We believe autonomous vehicles (AVs) are set to increase resource utilization, improve productivity, save lives, and much more,” Gianarikas wrote Wednesday. “We see vehicle autonomy as one of the highest value-creating technologies to be deployed. Ever.” MBLY 1D mountain Mobileye Global shares 1-day Mobileye went public in October 2022 , jumping 37% on its first day trading on Nasdaq. Intel, which bought the Israeli company for $15.3 billion in 2017, spun off the company to raise proceeds for more chip factories. This year, Mobileye is up by 20%. Canaccord’s $50 price target implies 18% upside from Tuesday’s closing price. The stock was up just slightly premarket Wednesday. “[We] estimate our premium multiple for Mobileye is warranted given the company’s superior growth metrics and long-term category potential,” Gianarikas wrote. “Moreover, Mobileye holds the leading position in ADAS market (it estimates ~70% global market share) and is in a pole position to help lead the full self-driving market.” The initiation of research coverage comes after Intel disclosed premarket Monday that it would sell 35 million Class A Mobileye shares in a secondary offering . —CNBC’s Michael Bloom contributed to this report.
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