Topeka Capital maintained a Buy rating on Ambarella (NASDAQ: AMBA) and raised its price target to $43.00 (from $33.00). The change follows Q2 results.

Analyst Suji De Silva said, "AMBA reported FY2Q15 (Jul.) revenue ahead of consensus and guided for a much stronger than expected seasonal consumer ramp. EPS upside resulted from a mix-driven margin boost as newer UltraHD resolution products begin to ramp. AMBA guided for significant growth in FY3Q15 (Oct.), reflecting both a robust consumer holiday build coupled with broadening adoption of video processors across multiple growing markets. We maintain our Buy rating and are raising our price target from $33 to $43."

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Shares of Ambarella closed at $35.77 yesterday.