Intel Offers 45M Mobileye Shares in $840M Secondary Offering; Mobileye Plans $100M Buyback, Wells Fargo Raises Target to $24

Mobileye Global Inc. announced a secondary offering of 45 million Class A shares by its parent company Intel Corp., with an additional 6.75 million shares available for underwriters as part of a 30-day option. The offering is valued at approximately $840 million based on Mobileye's closing price on July 8, 2025. Concurrently, Mobileye plans to repurchase $100 million worth of its own shares. Intel also intends to convert 50 million Class B shares into Class A shares, which will increase the public float of Mobileye's stock. Following these announcements, Wells Fargo raised its price target for Mobileye shares to $24 from $18 and maintained an overweight rating. The transactions are seen as Intel's effort to ease a cash crunch by offloading Mobileye shares.