Ambarella (AMBA) Investor Meetings Imply ADAS Adoption May Inflect in 2022 - Jefferies
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Jefferies analyst David Kelley reiterated a Buy rating and $160.00 price target on Ambarella (NASDAQ: AMBA) after hosting Chris Day, VP Marketing & Business Development, and Louis Gerhardy, Corporate Development, for investor meetings that revealed ADAS adoption may be approaching an inflection point.
The analyst stated "AMBA's CV products have received pos. feedback from customers & we believe '22 could prove an inflection year for advanced ADAS wins as customers award bids. Although significant sales contribution is unlikely until FY'25, we are positive on potential auto sales funnel growth into '23, a likely signal of incremental SOP traction & winning bids (mgmt. updates annually). With an ultimate CPV opportunity of $150-300 longer term (vs. $6-10 for legacy products), we remain confident in competitive positioning given AMBA's efficient architecture, open platform, & growing software offering, further supported by a number of recent engagements in autos (e.g. Hyundai, Rivian) as well as enterprise & smart home (e.g. Comcast, Ubiquity)."
Shares of Ambarella closed at $95.50 yesterday.
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