UPDATE: Ambarella (AMBA) PT Lowered to $150 at Berenberg, 'China lockdowns dampen H2 optimism'
- Wall Street jumps over 1% to start fourth quarter
- Tesla (TSLA) Now 'Unlikely' to Hit Its 50% Delivery Growth Goal for 2022 - Analyst
- U.S. manufacturing activity slowest in almost 2-1/2 years in September-ISM
- Citi Cuts Year-end S&P 500 Price Target to 4000, Introduces 2023 PT of 3900
- Oil jumps more than $4 as OPEC+ weighs biggest output cut since 2020
Berenberg analyst Andy Buscaglia lowered the price target on Ambarella (NASDAQ: AMBA) to $150.00 (from $185.00) while maintaining a Buy rating.
The analyst comments "China lockdowns weigh on near-term revenue growth; CV story still intact; Reiterate Buy: While Ambarella (AMBA) beat FQ1 EPS consensus estimates last week, FQ2 revenue guidance was ~13% below expectations due to China lockdowns as customers deferred orders given difficulty securing components on their end. With pandemic-related uncertainty in China and related supply-chain issues lingering, AMBA expects just a gradual qoq improvement in H2. We now assume 5% sales growth in CY2022 (versus 17% previously). We reduce our PT to $150 (from $185) and maintain our Buy rating on AMBA as we think Street estimates are now "de-risked" and its valuation offers favorable risk/reward on reasonable estimates. We remain positive on the long-term potential for computer vision (CV) growth, as AMBA maintained its outlook for CV to reach 45% of sales this year."
You May Also Be Interested In
- UPDATE: Pinterest Inc (PINS) PT Raised to $23 at Piper Sandler After Raising MAU Estimates
- Patrick Industries (PATK) PT Lowered to $66 at MKM Partners
- UPDATE: UPS (UPS) PT Lowered to $100 at Morgan Stanley; Sees EPS Well Below The Street
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!