(News Bulletin 247) – Berenberg announced on Friday that it had initiated coverage of Mobileye shares with a buy recommendation and a target price of 44 dollars.
In a research note, the design office explains that it considers Mobileye to be both the pioneer and the leader in driver assistance systems (ADAS) for passenger cars, with a market share that it estimated today around 70%.
According to his calculations, Mobileye, Qualcomm, Nvidia and Ambarella should thus control, by 2030, more than 90% of the market for chips and vehicle automation software, a sector which he sees progressing to a growth of l order of 30% per year.
As for Mobileye, the analyst said he expects the company’s results to benefit from the launch of new products considered particularly promising (SuperVision, Chauffeur, REM and Drive).
Berenberg adds that the recent difficulties encountered by the company, which led it to lower its objectives, make its valuation even more attractive.
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