Morgan Stanley raised the firm’s price target on Ambarella to $73 from $67 and keeps an Overweight rating on the shares. There were no surprises around numbers, which “appears to be a relief to the market,” says the analyst. The firm adds that the industry correction in 2023 was “disappointing and surprising,” but it thinks the level of stock underperformance seen by Ambarella is “remarkable given the sudden enthusiasm for edge-based AI.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on AMBA:
- Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
- AMBA Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Ambarella Announces Fourth Quarter and Fiscal Year 2024 Earnings Conference Call to be Held February 27, 2024
- e-con Systems Launches Robotics Computing Platform During CES; Partners With Ambarella for Industrial AMR and Outdoor Robots
- Ambarella, e-con Systems partner for industrial AMR, outdoor robots