Mobileye price target lowered to $36 from $43 at Needham

Needham lowered the firm’s price target on Mobileye to $36 from $43 and keeps a Buy rating on the shares after its Q4 pre-announcement and FY24 guidance. The company’s Q4 operating income was better than expected due to lower OpEx, but the FY24 outlook was significantly below the Street on the first big inventory correction announcement in autos, the analyst tells investors in a research note. Mobileye’s share at individual customers is unchanged, though its key customers likely experienced share loss vs. Chinese and Japanese OEMs, where the company has lower share, the firm added.