Ambarella (AMBA) PT Lifted to $21 at Needham & Company on 'Beat and Raise'

September 6, 2013 8:59 AM EDT
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Price: $48.86 +0.43%

Rating Summary:
    10 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company analyst N. Quinn Bolton reiterated a Buy rating and raised his price target on Ambarella (NASDAQ: AMBA) from $20 to $21 following another 'beat and raise.'

The analyst comments, "AMBA reported its 4th consecutive "beat and raise" quarter as new product ramps in IP security cameras and strong demand for automotive cameras more than offset a decline in sports cameras and infrastructure sales. Guidance for F3Q14 implies a normal seasonal build in the sports camera market, which should ease recent investor concerns around product refreshes and competitive pressures. Importantly, we believe GoPro's engagement with multiple ODMs now makes Chicony a less reliable read through into AMBA's results. In
short, our thesis that Ambarella is well positioned in multiple, well-protected and growing end markets remains unchanged. Reflecting the company’s strong guidance, continued technology superiority vs. its competition, and a growing TAM, we believe the recent sell-off in AMBA shares (down ~20% from the highs in mid-July based on Thursday's close) presents a meaningful buying opportunity."

The firm raised FY 2014 EPS from $0.83 to $0.95 and FY 2015 EPS from $1.00 to $1.05.

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 $15.34 yesterday.

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