FBN Boosts PT on Ambarella (AMBA) to $80; Sees Strong Sports Cam Sales in Q3
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FBN lifted its price target on Outperform-rated Ambarella (Nasdaq: AMBA) from $60 to $80 following Q2 results reported on Thursday night.
Analyst Shebly Seyrafi commented on Friday:
The company reported FQ2 results above expectations with NG EPS significantly above expectations due to better than expected results in GM (which at 67.1% was 3.6pp above the high-end of guidance) and opex ($23.0M, below guidance of $24.5-$26M).
As expected, wearable sports camera revenue declined substantially due to strong declines in sales to GPRO, but AMBA expects strong growth in the wearable sports camera segment (as well as the home and IP security markets) in FQ3, and we expect this growth to continue in FQ4 as GPRO starts shipping its HERO5. The IP security market is also expected to grow well in FQ3, so its two largest markets – sports cameras and security – which we estimate in combination account for about three-quarters of revenue, will be growing well in FQ3. The drone and auto segments are expected to be flat Q/Q in FQ3.
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