Legendary Investor Upgrades Mobileye to Strong Buy at $35 after predicting its crash downgrading to Strong Sell at $50
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Mobileye N.V. (NYSE:MBLY), the Israeli-based developer of camera-based driver-assistance systems, reported better-than-expected fourth-quarter earnings on Feb. 22. Excluding special items, Mobileye earned $0.22 per share in the fourth quarter, up from $0.15 in the year-ago period. Revenue grew 46% to $104.6 million.
Both profit and earnings beat Wall Street's estimates. Analysts polled by Thomson Reutersexpected Mobileye to report earnings of $0.20 per share on revenue of $96.4 million.
Shares soared to $48 during market hours.
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Mobileye also won agreements with Volkswagen AG (NASDAQOTH:VLKAY) and BMW to use the sensors on upcoming vehicles equipped with Mobileye's ADAS systems to harvest data for those 3D maps via the REM technology.
It's likely that Level 4 self-driving technology will be available to automakers from several different sources within a few years. Mobileye's REM-generated maps could turn out to be a significant competitive advantage when that happens.
Also of note: Mobileye's cash on hand rose. As of Dec. 31, Mobileye had cash and cash equivalents, restricted bank deposits, and marketable securities of $633.4 million, up from $584.4 million as of Sept. 30. CFO Ofer Maharshak noted that Mobileye is gearing up to build a new research and development campus in Jerusalem, and will spend about $12 million in the first quarter on that effort.
Mobileye's 2017 guidance
Maharshak said that Mobileye expects non-GAAP net income of between $241 million and $251 million in 2017, or $1.01 to $1.05 per share, on revenue of $490 million to $505 million. Both represent substantial increases over the company's 2016 results.
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