MBLY - Mobileye Susceptible To Auto Industry Challenges Inventory Corrections and Geopolitical Factors: Analyst | Benzinga
Needham analyst Quinn Bolton maintained Mobileye Global Inc (NASDAQ: MBLY) with a Buy and lowered the price target from $43 to $36.
MBLY reported preliminary 4Q23 results and provided initial FY24 guidance.
The 4Q23 operating income was better than expected due to lower operational expenditure, but the FY24 (and 1Q24) outlook was significantly below the Street on the first big inventory correction announcement in autos.
Bolton's takeaways included MBLY's built up 6 million - 7 million units of EyeQ inventory at Tier 1s and OEMs over a multi-year period. The analyst modeled significant ...