Ambarella price target raised to $80 from $60 at Roth MKM

Roth MKM raised the firm’s price target on Ambarella (AMBA) to $80 from $60 and keeps a Neutral rating on the shares. Ambarella delivered above consensus sequential revenue growth in the quarter and expects mild seasonality in the guidance, and Roth MKM is encouraged that normalized inventory levels leave opportunity for growth from program opportunities despite a muted auto end demand environment, the analyst tells investors in a research note.