Mobileye (MBLY) Stock Higher After Price Target Hike

NEW YORK (TheStreet) -- Shares of Mobileye NV  (MBLY) were getting a lift, up 1.37% to $46.73 in late morning trading Thursday, after analysts at Citigroup raised their price target on shares of the company earlier today.

The firm issued a higher price target of $70 from its prior $62, while maintaining a "buy" rating following meetings with management.

Citi analysts said the "arms race" to equip cars with advanced driver assistance systems and automated features is in "full swing." They believe Mobileye's competitive lead is expanding.

Israel-based Mobileye designs and develops software and related technologies for camera-based advanced driver assistance systems.

The company's systems can perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris or other obstacles.

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