Needham & Company Still Sees Risk for Ambarella (AMBA) on Holiday Sell-Though; Affirms at 'Hold'
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Needham & Company affirms Ambarella (Nasdaq: AMBA) with a Hold rating following Q2 results and outlook issued Thursday night.
The firm commented today,
Ambarella reported F2Q17 results that exceeded expectations, with continued strength in drones and home security cameras offsetting expected weakness in wearable cameras. Management's F3Q17 guidance came in better than expected reflecting a strong holiday build for GoPro's (Nasdaq: GPRO) new HERO 5 camera and home security cameras as well as a recovery in IP security cameras in China. Additionally, AMBA continues to secure an increasing number of design wins in the drone and home monitoring camera segments. Despite the positives, we see risk should sell-through of the strong holiday build prove weaker than expected.
AMBA is seeing traction from retail and service provider customers as well as an increased focus on integration with smart homes. In June, the company announced its support for Apple's new HomeKit camera and doorbell services with several AMBA-based products highlighted at WWDC. Other design wins include Comcast's new xCam indoor/outdoor home security camera, Xiaomi's MiJia home camera and Dahua's BM1 baby monitor camera, all powered by AMBA's S2LM SoC, the firm noted.
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