Ambarella (AMBA) PT Raised to $42 at Ascendiant Capital on Strong Q2
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Rating Summary:
16 Buy, 9 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 10
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Ascendiant Capital analysts David Williams and Cody Acree reiterated a Buy rating on Ambarella (NASDAQ: AMBA) and boosted their price target to $42.00 (from $37.00) following strong Q2 results and guidance.
"On a very strong beat and raise, continued strength across all of AMBA's key segments and expanding market opportunities, we reiterate our Buy rating and are raising our price target to $42," the said.
The added, "IP security cameras were particularly strong this quarter in both consumer and professional, and was the largest driver of the revenue upside. Sport wearable cameras also performed well, up q/q and y/y on seasonal holiday inventory builds. Although we do not expect GoPro (NASDAQ: GPRO) to refresh their product line-up until early next year, the company anticipates sports action cameras will increase q/q and y/y in 3Q, driven by the holiday ramp. In Automotive, Russia and China continue to face economic and competitive challenges, but new opportunities in European and Japanese markets are helping offset these pressures. Revenue growth in these markets is expected to drive q/q and y/y revenue growth in the third quarter. Infrastructure remains the weak spot, not expected to improve before AMBA’s 2H16."
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 $35.77 yesterday.
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