Mobileye (NASDAQ:MBLY) stock is on the rise Thursday as the stock got a new analyst rating and larger market factors affect the shares.
Starting with that analyst rating, Wells Fargo’s Aaron Rakers initiated coverage of MBLY stock with a “buy” rating. For the record, the analysts’ consensus rating for Mobleye is “moderate buy” based on 23 analysts’ opinions.
To go along with that rating, Rakers assigned a $50 price tag to MBLY stock. That represents a potential 23.8% upside from yesterday’s close. It’s also incredibly bullish next to the analysts’ consensus price target of $45.32 per share.
The Wells Fargo analysts said the following about Mobileye in a note to clients obtained by Barron’s:
“Our thesis is underpinned by the belief that Mobileye is at the early stages of being appreciated as a platform enabler for auto industries’ drive toward fully autonomous vehicles over the next five to ten-plus years.”
MBLY Joins AI Stock Rally
Also helping out Mobileye today is a rally of AI stocks. This comes after Nvidia (NASDAQ:NVDA) released its latest earnings report. The company’s seeing an increasing demand for AI chips, which resulted in it offering a strong outlook for the current quarter.
MBLY stock is up 5.4% as of Thursday morning and is up 30% since the start of the year.
There’s even more stock market news traders need to know about below!
We’ve got all of the hottest stock market happenings for traders to read about on Thursday! Among that is what’s moving shares of NVDA, C3.AI (NYSE:AI), and Digital Turbine (NASDAQ:APPS) stock today. All of that news is available at the following links!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.