Ambarella price target raised to $80 from $75 at Stifel

Stifel raised the firm’s price target on Ambarella to $80 from $75 and keeps a Buy rating on the shares. Q2 EPS beat expectations and overall the firm was “impressed with the company’s 2nd consecutive guidance raise,” the analyst tells investors. While the firm shares in the “excitement” surrounding the company’s anticipated CV3 product cycle, Stifel also believes the company stands to benefit from the CV5 and CV7 product cycles, supporting the near-term and medium-term outlook, the analyst added.