Ambarella (AMBA) Price Target Raised to $50 at Deutsche Bank; Analyst Maintains Hold Rating
Deutsche Bank maintained a Hold rating on Ambarella (NASDAQ: AMBA) and raised its price target to $50.00 (from $35.00). The change follows Q3 results. Analyst Ross Seymore noted a solid quarter, but in his view valuation already reflects this.
"AMBA delivered another strong beat-and-raise in F3Q on the back of Wearable/Sports and IP Security strength. Looking forward, we expect AMBA's growth to slow in CY15 but also to remain strong relative to the semi industry as a whole. While the company's strong execution continues to impress us, we still believe AMBA shares are fully valued. We therefore maintain our Hold rating but raise our P/T to $50 (from $35)," he added.
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Shares of Ambarella closed at $55.63 yesterday.