Ambarella (AMBA) PT Lowered to $82 at Stifel Ahead of 2/28 4Q Report
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Rating Summary:
16 Buy, 9 Hold, 2 Sell
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Up: 13 | Down: 10 | New: 11
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Stifel analyst Kevin Cassidy reiterates Buy rating, but lowers price target on Ambarella Inc. (NASDAQ: AMBA) to $82 (from $84), ahead of the company’s fiscal 2017 fourth quarter report, estimating high end revenue guidance based on industry checks.
Cassidy comments, "We expect Ambarella to turn in a beat and raise earnings report on Tuesday, 2/28/17. We expect Ambarella to report 4QFY17 revenue to the high end of guidance for $84mn-$87mn. Based on our industry checks, certain drone production issues were resolved during the January quarter. Also, SONY's CMOS sensor production constraints for high performance cameras have returned to full production capacity. We have pulled forward drone-related revenue from the 1QFY18 to 4QFY17. Additionally we reduced our expectations for 4K video broadband infrastructure build out though our estimates remain above consensus. What we believe will be most important during this quarter's report is management's commentary on its Computer Vision (CV) SoC progress. We see CV as transforming Ambarella from a video SoC player that has enabled many new video applications to a leader in artificial intelligence for security and wearable cameras, drones and automobiles. We continue recommending the AMBA shares for its growth in video markets and artificial intelligence future."
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