Mobileye price target raised to $24 from $18 at Wells Fargo

Wells Fargo analyst Aaron Rakers raised the firm’s price target on Mobileye (MBLY) to $24 from $18 and keeps an Overweight rating on the shares. The firm notes the company announced that Intel (INTC) was selling 45M Class A shares; also intends to grant underwriters with 30-day purchase option of up to 6.75M shares. Mobileye also positively preannounced Q2 and provided a constructive pipeline update, Wells adds.