Jim Cramer’s Latest Lightning Round: 12 Stocks to Watch

8. Mobileye Global Inc. (NASDAQ:MBLY)

Number of Hedge Fund Holders: 28

Cramer was asked about Mobileye Global Inc. (NASDAQ:MBLY) and he said that it is difficult to comment on it.

“I know Mobileye well. It’s an Israeli company, obviously, its big stake is held by Intel. We don’t know what to do here with this, Intel, Qualcomm, I think it’s just too hard to tell. I’m gonna stay away from it.”

Mobileye Global (NASDAQ:MBLY) is engaged in the development and implementation of advanced driver assistance systems (ADAS) and autonomous driving technologies, serving a global market. For the fiscal year of 2024, the company has revised its revenue expectations, now projecting figures between $1.6 billion and $1.68 billion, a decrease from the previous guidance of $1.83 billion to $1.96 billion. The updated guidance reflects a 13% reduction in expected revenue, primarily due to lower forecasts for shipments of both the EyeQ and SuperVision products in the latter half of 2024. The company attributes this adjustment to various factors affecting performance expectations.

Mobileye Global (NASDAQ:MBLY) also adjusted expected operating loss, with estimates ranging from $580 million to $531 million compared to the earlier projection of $468 million to $378 million, a decline of 31%.

On October 15, Barclays analyst Dan Levy lowered the price target on company stock to $19 from $27 and kept an Overweight rating as part of his Q3 earnings preview for the automotive and mobility sector. The firm remains more favorable toward automakers compared to suppliers. Despite the challenging investor sentiment surrounding suppliers, the analyst notes a glimmer of hope for a potential end to the trend of negative estimate revisions.