Mobileye N.V.’s stock slumped 1.3% toward a six-week low in afternoon trade Wednesday, after shedding 2.7% the previous session. Analyst Alexander Potter at Piper Jaffray said some of that decline could be blamed on Ford Motor Co. , which announced Tuesday its plans to deliver fully autonomous vehicles for ride sharing in 2021. “[Mobileye] was a notable absence from the company’s press release…,” Potter wrote in a note to clients. He reiterated his overweight rating on the stock, saying the news only seems like a negative at first glance. “We would be buying any pullback, as we believe the window remains open for Ford to base its eventual self-driving platform at least partially–if not fully–on [Mobileye’s] approach,” Potter wrote. “Despite Ford’s interest in circumventing [Mobileye], Ford remains a [Mobileye] partner for lower-level automation; there’s nothing precluding a deeper relationship.” The stock is now trading below where it closed on July 26, after Mobileye said it would no longer work with Tesla Motors Inc. . The stock has soared 24% over the past three months, while the S&P 500 has gained 6.3%.
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