Ambarella Shares Pop On Analyst Price Target Bumps Post Q2 Beat

Analysts raised semiconductor solutions provider Ambarella Inc's 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.

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