NEW YORK (TheStreet) -- Shares of Israel-based Mobileye N.V. (MBLY) are sinking, down 6.4% to $54 in mid-day trading, after the car technology company was downgraded to "market perform" from "outperform" by analysts at Raymond James Financial this morning.

The firm cited valuation for its ratings cut.

Analysts at Raymond James said it believes the downgrade is appropriate after Mobileye rallied more than 100% from its IPO price of $25 in less than three months.

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MBLY Chart MBLY data by YCharts

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