Mobileye price target raised to $23 from $20 at Loop Capital

Loop Capital analyst Gary Mobley raised the firm’s price target on Mobileye (MBLY) to $23 from $20 and keeps a Buy rating on the shares. The automotive supply chain is setting up very much like 2019, and while the firm is not predicting another global pandemic to shock the automotive supply chain as was the case of 2020/21, the tier-one automotive electronic sub-system suppliers are managing component inventories at unsustainable low levels, the analyst tells investors in a research note. With only modest acceleration in light vehicle production, anticipated by Loop in 2025, the firm “can see” an automotive chip inventory re-stock, the analyst added.