Mobileye, which nearly doubled from its IPO price of $25, stumbled 4.5% on a downgrade from Raymond James, which rated the stock as Market Perform, as reported by MarketWatch. However, this doesn’t necessarily mean that the company is not performing, but is an indication that the stock has gotten too hot.
The analyst said that the downgrade was the result of a 100% rally from its opening price. The analyst wrote, “We believe that Mobileye is well-positioned to benefit from an increase in adoption rates and the ultimate realization of an autonomous driving future.”
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