Ambarella (AMBA): Raising PT After Non Deal Roadshow - Canaccord

October 12, 2016 11:29 AM EDT
Get Alerts AMBA Hot Sheet
Price: $47.50 -2.78%

Rating Summary:
    10 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 17 | New: 13
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Canaccord Genuity analyst, Matthew Ramsay, reiterated his Buy rating on shares of Ambarella (NASDAQ: AMBA) but raised the price target to $87 from $86 after taking Ambarella's CEO Fermi Wang, CFO George Laplante,
and Deborah Stapleton from Ambarella's IR team to meet with investors.

The analyst stated that meetings were mixed in tone on nearterm trends with investors looking to understand the size and growth potential of the sports camera and drone markets. Longer-term focused meetings were positive and we believe investors are gradually starting to understand the underappreciated sensor fusion algorithm and computer vision hardware roadmaps Ambarella has developed organically and through the VisLab acquisition

Despite recent headwinds to growth at GoPro and from Sony, the analyst's long-term conviction regarding Ambarella's leading position in wearables, security, automotive, and drone cameras remains intact. The launch of new 14nm chipsets next year return the company to Y/Y sales/earnings growth, and the company will benefit from the computer vision chipset roadmap launches exiting C2017.

For an analyst ratings summary and ratings history on Ambarella click here. For more ratings news on Ambarella click here.

Shares of Ambarella closed at $63.91 yesterday.

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