Ambarella price target raised to $100 from $90 at Needham

Needham analyst N. Quinn Bolton raised the firm’s price target on Ambarella (AMBA) to $100 from $90 and keeps a Buy rating on the shares. Ambarella’s Q3 was reported above the midpoint, with Q4 guided well above expectations, and the one negative the firm points to is the decreased auto revenue funnel, which was down 8% year over year to $2.2B from $2.4B, primarily due to reduced unit forecasts and project push outs and cancellations, mainly related to L2+ programs, the analyst tells investors in a research note. Near-term, product ramps are expected to drive better than typical seasonal Q4 revenue, Needham says.