Stifel Sees Strong Home Security Growth for Ambarella (AMBA)
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Stifel analyst Kevin Cassidy reiterated a Buy rating and $86 price target on Ambarella (NASDAQ: AMBA) saying they are expected strong home security growth.
Cassidy commented, "We believe continued traction in consumer IP security holds potential upside to our F3Q17 estimates. We estimate IP security revenue will account for ~39% of total revenue while growing ~20% q/q. We are modeling GoPro orders of 1.5mn units in F3Q, and 0.6mn units in F4Q for a total of 2.1mn units. In our view, GoPro’s recent report implies shipments closer to 3mn Hero5 cameras, but we remain conservative to allow for potentially lower retail sell-through. We estimate GoPro will account for only ~10% of FY17 and FY18 revenue, down from ~26% in FY16. We continue to recommend the shares based on our estimated +33% revenue and earnings growth y/y for Ambarella in FY18 with increasing automotive exposure beyond FY18."
Shares of Ambarella closed at $62.16 yesterday.
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