Barclays downgraded Mobileye to Equal Weight from Overweight and reduced its price target to $9 from $14 per share, saying the company has not secured enough advanced contracts to support its growth case. Analyst Dan Levy, who upgraded the stock earlier this year, said key proof points had not emerged. Mobileye shares have fallen 28% this year, compared with a 12% gain for the S&P 500. The company has won contracts including a cloud-enhanced driver-assistance program with Stellantis and business with Mahindra, while exceeding expectations and raising its 2026 outlook in each of the past two quarters. Levy said Mobileye is not winning advanced programs fast enough to support its longer-term average selling price and growth thesis. He also highlighted competition from China, where Horizon Robotics has about half the Level 2 driver-assistance market, compared with Mobileye’s roughly 25%. Chinese vehicle exports are on track to reach 10 million units this year, raising the possibility that those competitors expand overseas with domestic automakers. Uncertainty also surrounds Volkswagen, Mobileye’s most important customer, after an unconfirmed report said the carmaker may consider another technology partner for its MOIA robotaxi unit. Mobileye’s CEO transition is another overhang as founder Amnon Shashua steps down while the company expands into autonomous vehicles and robotics.