Ambarella price target raised to $75 from $60 at Deutsche Bank

Deutsche Bank analyst Ross Seymore raised the firm’s price target on Ambarella to $75 from $60 and keeps a Hold rating on the shares. Heading into 2023, the analyst expects semiconductor investor focus to move to finding a "bottom in both fundamentals and share prices." Fundamental weakness is more likely to be spread over a longer duration given the rolling nature of the downturn up to this point, Seymore tells investors in a research note. He believes the recent significant rally in the group is premature given the likelihood of continued fundamental deterioration and therefore expects a "superior opportunity to become more constructive to emerge later in 2023."