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Ambarella Shares Up 9%, Upgraded at KeyBanc
Sep 22, 2021 5:49 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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Ambarella, Inc. (NASDAQ:AMBA) shares were trading more than 9% higher Wednesday afternoon. Analysts at KeyBanc Capital Markets upgraded the company to Overweight from Sector Weight, with a $185 price target on the shares.
The brokerage mentioned three main reasons for the upgrade:
(1) Multiple favorable tailwinds related to the adoption of CV within the security and automotive end markets with a limited competitive landscape with the HiSilicon ban, while the brokerage has increasing confidence in front-facing ADAS adoption,
(2) with its highly differentiated CV/AI assets and IP, and adoption in auto tech, the brokerage believes the company is one of the most attractive M&A targets in semiconductors,
(3) inflection in revenues and operating leverage gives the brokerage increased confidence in the company's ability to sustain R&D investment and its ability to compete.
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