Why Mobileye (MBLY) Stock Is Surging Today

NEW YORK (TheStreet) -- Shares of Mobileye NV  (MBLY)  are surging 5.55% to $55.95 after Citigroup (C) raised its price target to $62 from $48, and said its thesis regarding the company landing Toyota (TM) as a client is likely.

The firm said it believes Toyota recognizes Mobileye's technological advantages and expects more ADAS suppliers over the medium-term, one day after Citigroup attended the ITS World Congress.

Also, the the collision-avoidance technology company received a positive note from analysts at William Blair & Co. this morning and added that they believe Tesla  (TSLA) and GM  (GM) are using Mobileye for their automated highway driving assist technology.

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Separately, Morgan Stanley (MS) upped its price target for shares to $65 from $46 while maintaining its "overweight" rating this morning.

MBLY Chart MBLY data by YCharts

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