Mobileye (US:MBLY) 智通财经网·2025-06-10 08:44Core Viewpoint - Goldman Sachs downgraded Mobileye Global (MBLY.US) from "Buy" to "Neutral" due to competitive landscape and high stock valuation, maintaining a 12-month target price of $17 [1] Group 1: Stock Performance and Market Position - Since Goldman Sachs rated Mobileye as "Buy" in November 2022, the stock has declined by 38%, while the S&P 500 has increased by 52% [1] - Mobileye holds over 50% market share in the ADAS market, covering most major automakers' L1/L2 projects [3] Group 2: Competitive Landscape - Mobileye faces competition from automakers' in-house projects and other chip/system providers, with some automakers considering licensing L4 autonomous driving technology from companies like Tesla or Waymo [2] - Several automakers, including Ford, General Motors, Honda, and Nissan, have announced plans to pursue L2++/L3/L4 projects based on in-house or competitor technologies, potentially reducing market opportunities for Mobileye [3] Group 3: Future Prospects and Challenges - Mobileye expects more design contracts for its SuperVision and Chauffeur products by the end of 2024, but recent contract announcements have been limited [4] - Revenue from China is declining, with the share of revenue from the region expected to drop from 31% in 2023 to 26% in 2024, attributed to tariffs, inventory adjustments, and loss of market share [4]