Sometimes a stock falls far enough that analysts stop worrying about how much further it can drop. That's the case with Mobileye Global Inc. (MBLY), according to JPMorgan analyst Samik Chatterjee, who just upgraded the autonomous driving technology company from Underweight to Neutral and bumped his price target from $12 to $13.

The reasoning? After losing 72% over two years, the stock now has "limited downside risks" at current valuation levels. In other words, the bad news is already priced in.

Four Catalysts for a Turnaround

Chatterjee outlined four key drivers that could push Mobileye higher from here. First, the automotive outlook is stabilizing after tariff-related uncertainty clouded 2025. Second, those lowered growth expectations are now fully reflected in the beaten-down share price.

Third, and perhaps most interesting, the mobility-as-a-service sector has seen improving prospects over the past year. Mobileye stands to benefit through its partnerships with Lyft Inc (LYFT) and Uber Technologies Inc (UBER), both of which could drive adoption of its technology at scale.

Finally, there's the building pipeline of Surround ADAS technology. While SuperVision's growth outlook has moderated recently, Chatterjee notes that Surround ADAS offers a different value proposition.

"While the growth outlook for SuperVision has moderated in the last year, the moderation in revenue opportunity anticipated for SuperVision is now being modestly offset by the building pipeline of Surround ADAS, which has a much lower content per vehicle opportunity but an easier path to standardization as well as adoption across a wider range of mass market vehicles with higher volume implications," he explained.

Translation: Surround ADAS might generate less revenue per car, but it's easier to deploy across more vehicles, potentially making up the difference through volume.

MBLY Price Action: Shares of Mobileye Global had risen by 3.52% to $11.92 at the time of publication on Tuesday.