Mobileye N.V. (NYSE: MBLY) had an initial public offering (IPO) at the beginning of August, which was reportedly the largest recorded for an Israel-based company on the U.S. equities market. This global leader in camera-based advanced driver assistance systems has seen its post-IPO quiet period come to an end. This means that analysts in the underwriting group are now free to cover the stock with formal ratings.
Source: Thinkstock
For its IPO, the company was originally priced at $25 a share for 40.93 million shares. This garnered aggregate gross proceeds of about $1.023 billion. Only 8.325 million of those shares were sold by the company, so the bulk of the proceeds went back to selling shareholders. Despite the $25 pricing, Mobileye opened up at $36 when it began trading and the stock rose as high as $39.40 on the first day before closing at $37.00.
Since the IPO, Mobileye slid as low as $31.11 in the middle of August. However, the company has made a handy recovery since its low, and shares closed on Monday at $38.19. What is interesting is that not all the analysts began coverage with the equivalent of Buy ratings, yet the shares were up over 5% and trading just above the $40 mark after almost two hours of trading on Tuesday.
With the quiet period coming to an end, here is how the analysts rated the Mobileye shares, and price targets were given if available.
- Deutsche Bank started it with a Buy rating and a $45 price target.
- Dougherty issued a Buy rating with a $45 price target.
- Raymond James issued an Outperform rating with a $46 price target.
- RBC issued an Outperform rating with $43 price target.
- Wells Fargo issued an Outperform rating (no price target was seen).
- Barclays issued an Overweight rating with a $49 price target.
- Morgan Stanley issued an Overweight rating with a $46 price target.
- Baird issued a Neutral rating with a $42 price target.
- Goldman Sachs issued a Neutral rating with a $43 price target.
As you have seen, Mobileye was one of those IPOs that surged out of the chute, then normalized and recovered, and analysts still like the company’s prospects.
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