NEW YORK (TheStreet) -- Shares of Mobileye NV (MBLY) are up 5.33% to $44.04 after Deutsche Bank upgraded the company to "buy" from "hold" and maintained its $53 price target, citing significant upside.
"We continue to believe that the advent of Advanced Driver Assistance Systems (ADAS) represents one of the most compelling growth themes in the Global Auto Industry. And we continue to believe that Mobileye's IP offers leading functionality, accuracy, and cost, which positions them to sustainably lead this market," analysts said.
Moreover, the bank reversed its downgrade in early September based on industry checks that show the company is exceeding expectations on contract wins, Deutsche analysts said, adding that over the past several months, they believe that MBLY has won 100% of the major vision based ADAS contracts, building on the 100% win rate observed in 2013.
Mobileye designs and develops software and related technologies for camera-based ADAS.