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.
Separately, Morgan Stanley (MS) upped its price target for shares to $65 from $46 while maintaining its "overweight" rating this morning.
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE