Ambarella (AMBA) PT Raised to $110 at Ascendiant Capital
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Rating Summary:
16 Buy, 9 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
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Ascendiant Capital analyst David Williams reiterated a Buy rating and boosted his price target on Ambarella (NASDAQ: AMBA) to $110.00 (from $72.00) following another solid beat and raise quarter with upside to both revenue and EPS estimates.
Williams commented, "Revenue of $71.0M handily beat the $67.4M consensus forecast and EPS of $0.71 compared to the $0.59 Street expectation. The upside was driven by continued strength in existing markets and solid progress in newer segments, such as flying drones and consumer IP security. The bottom line benefitted from higher revenue, better than expected gross margin that beat the upper end of the prior guided 64% by ~ 80bp, and slightly better opex."
He added, "We continue to be encouraged by AMBA’s ability to not only find new growth opportunities, but to continue taking share at the high and low end of the market while pushing performance well ahead of the competition. Although competition at the low end may eventually begin to chip away at margins, in our opinion, the company has the right breadth of products in the right markets to keep the majority of competitors at bay. We believe the vast opportunities developed over just the last few quarters, which are already beginning to deliver substantial revenue, are indicative of the potential size of the total available market; and we believe AMBA is best positioned to capitalize."
They also view the recently announced Xiaomi Yi sports camera, which utilizes the AMBA A7SL chip, as evidence of the company’s ability to defend its leading market position even in the lower end of the market.
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 $92.21 yesterday.
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