Mobileye Global (NASDAQ: MBLY), which provides autonomous driving and driver-assistance technologies, reported earnings for its third quarter of Fiscal Year 2023. The company’s Q3 adjusted earnings went up by 47% year-over-year to $0.22 per share, which beat analysts’ consensus estimate of $0.17 per share.
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The company’s revenues increased by 18% year-over-year to $530 million. This beat analysts’ expectations of $528.6 million.
Looking forward, management lowered its FY23 forecast and now expects revenues in the range of $2.06 billion to $2.09 billion versus its prior forecast between $2.06 billion and $2.11 billion, with adjusted operating income likely to range from $648 million to $665 million.
Mobileye stated in its press release that the lowered forecast reflected a “0.6% reduction in expected Revenue, at the midpoint, as we now expect SuperVision shipments in Q4 of 2023 to be at the lower end of what was incorporated into our previous guidance.”
What is the Target Price for MBLY Stock?
Analysts are bullish about MBLY stock, with a Strong Buy consensus rating based on 12 Buys and one Hold. The average MBLY price target of $50.92 implies an upside potential of 49.9% at current levels.
