Mobileye NV (NYSE: MBLY) and HERE announced plans for a strategic partnership that links their respective autonomous driving technologies into an enhanced industry-leading offering for automakers.
The two companies intend to pursue the following collaborative initiatives:
- Integration of Mobileye’s Roadbook with HERE HD Live Map
Mobileye’s Roadbook will be integrated as a data layer in HERE HD Live Map, HERE’s real-time cloud service for partially, highly and fully automated vehicles. Roadbook information will provide an important additional layer of real-time contextual awareness by gathering landmark and roadway information to assist in making a vehicle more aware of – and better able to react to – its surroundings, as well as allow for more accurate vehicle positioning on the road.
- Mobileye’s utilization of the HERE Open Location Platform
Mobileye will utilize the HERE Open Location Platform for the ingestion and processing of raw sensor and observation data (Road Segment Data, RSD), and the creation and dynamic maintenance of its Roadbook products. The HERE Open Location Platform is the next generation of HERE’s location platform, developed to support the ingestion, enrichment and processing of real-time location-based data for multiple industries, including the automotive industry.
- HERE to utilize raw sensor and observation data from Mobileye
HERE will utilize RSD, as well as the Global Roadbook (GLRB), collected and aggregated from certain vehicle brands equipped with Mobileye technology to support change detection and the maintenance of HERE HD Live Map. Detecting changes in the real world and adjusting the map accordingly is critically important for automated vehicles to plan better driving strategies. With more sensor data available from car manufacturers equipped with Mobileye’s REM technology, the HERE HD Live Map will be updated even more quickly, achieving very short Time to Reflect Reality.
“We are building a state-of-the-art global HD map that is becoming the standard for autonomous driving and other IoT applications that need precise location-based information and services,” said Edzard Overbeek, CEO of HERE. “We are rapidly expanding this capability and I am very pleased that we can accelerate that work with Mobileye, a strategic partner which shares our view of where the automotive and other industries are going.”
“High-definition mapping is a key enabler for autonomous driving. Mobileye’s REM technology, enabling crowd-sourced data extraction, together with the backend processing of the Roadbook combined with HERE HD Live Map is critical to ensure dynamic, near real-time updates”, said Professor Amnon Shashua, Chairman and CTO of Mobileye. “We are pleased to work with HERE to create a “world HD-map” standard, leveraging the combined fleet size of certain vehicle brands initially, with the objective of eventually launching an industry wide initiative.”
In parallel, the two companies also intend to explore other potential opportunities where their products and services are complementary to further support automotive companies in advancing their autonomous driving and mobility strategies generally. (Original Source)
Shares of Mobileye are currently rising 1.46% to $35.53, or up $0.51 in pre-market trading Thursday. MBLY has a 1-year high of $51.15 and a 1-year low of $23.57. The stock’s 50-day moving average is $36.94 and its 200-day moving average is $41.79.
On the ratings front, Mobileye has been the subject of a number of recent research reports. In a report issued on December 20, Susquehanna analyst Christopher Rolland initiated coverage with a Hold rating on MBLY and a price target of $40, which represents a potential upside of 14% from where the stock is currently trading. Separately, on December 14, Needham’s Rajvindra Gill reiterated a Buy rating on the stock and has a price target of $55.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Rolland and Rajvindra Gill have a yearly average return of 8.4% and 13.7% respectively. Rolland has a success rate of 61% and is ranked #342 out of 4291 analysts, while Gill has a success rate of 59% and is ranked #76.
Overall, 2 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $54.20 which is 54.8% above where the stock closed yesterday.
Mobileye NV engages in the designing and development of software and related technologies for camera-based advanced driver assistance systems. It operates through the following business segments: Original Equipment Manufacturing and After Market. The Original Equipment Manufacturing segment supplies systems on Chip, which includes core intelligence to be ultimately implemented within new vehicles through Tier 1 manufacturers who are system integrators to the automotive industry. The After Market segment engages in selling complete system, which offers advanced driver assistance functions to customers being primarily fleet commercial vehicles, fleet management system providers, new vehicle dealers and importers either directly, through distributors or through insurance companies.