Redeye concludes that Q4 was a good quarter for Smart Eye. In Automotive, two new OEMs entered production but did not ramp volumes as fast as we had thought. Research delivered above expectations with 41% organic growth. Also, Smart Eye reiterates that its market position in the current RFQs is strong. Redeye will lower estimates for Automotive somewhat and lower its valuation by 5-10%, but still sees a very big upside to its Base Case.
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