Oppenheimer Reiterated Perform on Ambarella (AMBA) Following 2Q

September 2, 2016 9:47 AM EDT
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Oppenheimer reiterated a Perform rating on Ambarella (NASDAQ: AMBA), following the company's 2Q earnings report. AMBA reported revenues and EPS of $65.1M and $0.54. Results came in ahead of the Street's $64.3M and $0.38.

Analyst Andrew Uerkwitz commented, "AMBA reported better-than-expected F2Q17 results, with revenues/EPS of $65.1M/ $0.54 vs. Street's $64.3M/$0.38 and our $63.4M/$0.34. Management takes a more optimistic near-term view and sees seasonal strength in F2H17. However, the Automotive segment remains weak in the current fiscal year. Impact of Sony image sensor shortage is now minimum. Action camera (mostly GoPro cameras), drones, and new professional IP camera products are expected to drive growth for the rest of FY17. Our thesis on AMBA is unchanged: we believe AMBA's risk-reward profile is balanced given the uncertainty in near-term trends in major end markets such as action camera and professional IP camera."

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 $71.78 yesterday.

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