Ambarella (AMBA) Price Target Lifted at Needham & Company on Google (GOOG) Wearable Camera Partnership

December 20, 2013 12:02 PM EST
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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 $28 to $32 after the company announced plans to explore wearable cameras with Google (NASDAQ: GOOG).

"Ambarella announced a partnership with Google to jointly develop a reference design for a new type of wearable camera that will enable real time video sharing among instructors and students, which Google is calling "Helpouts"," Bolton notes. "The reference design, featuring AMBA's A7LW SoC, will be demonstrated at CES. We believe the emerging market for wearable cameras should expand AMBA's TAM and diversify its revenue stream. As our current estimates do not include any wearables revenue, success in this segment in FY15 represents upside to our current model. Though we are not adjusting our estimates at this time, we are raising our 12-month PT to $32 to reflect this new opportunity."

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 $25.07 yesterday.

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