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Ambarella Shares Pop On Analyst Price Target Bumps Post Q2 Beat

Benzinga · 09/01/2021 15:24
  • Analysts raised semiconductor solutions provider Ambarella Inc's (NASDAQ:AMBA) price target (PT) following the Q2 revenue of $79.3 million, up 58% year-on-year, above the consensus of $75.7 million. The EPS of $0.35 beat the consensus of $0.25.
  • Stifel analyst Tore Svanberg raised the PT to $145 from $140 and affirmed a Buy following the "solid" July quarter beat and "even stronger" October quarter raise. 
  • Ambarella showed "impressive" profitability and operating leverage, Svanberg added.
  • Wells Fargo analyst Gary Mobley raised the PT to $115 from $110 and reiterated an Equal Weight. 
  • Deutsche Bank analyst Ross Seymore raised the PT to $115 from $110 and maintained a Hold. 
  • For the fourth consecutive quarter, Ambarella's results beat the high end of its guided range, Seymore notes.
  • Price Action: AMBA shares traded higher by 26.70% at $131.24 in the market session on the last check Wednesday.