Mobileye drops after Intel prices upsized $1.6 bln stake sale
08/06/2023 19:19
(Updates price to regular session trading)
** Shares of self-driving tech firm Mobileye Global Inc
MBLY.O down 5.2% at $41.26 in busy trading session after
secondary offering priced late on Weds
** Co announced 38.5 mln shares sold by Intel INTC.O at
$42, 3.5% discount to last sale, or ~$1.6 bln stake
** Offering size boosted from 35 mln shares
** Chipmaker's stake in MBLY would drop from 94% to ~89% if
full over-allotment is exercised
** Goldman Sachs and Morgan Stanley leading the offering
** MBLY's stock has nearly doubled from $21 IPO price since
being spun out of INTC in Oct
** MBLY median analyst PT is $44, according to
Refinitiv, which shows 20 ratings: 5 'strong buy,' 14 'buy' and
1 'hold'
** MBLY is up ~17% YTD vs Philadelphia chip index's .SOX
~38% advance
** Shares of INTC last up 1.1%
(Reporting by Lance Tupper a Reuters market analyst. The views
expressed are his own; additional reporting by Sinead Carew)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))