Ambarella upgraded to Neutral from Underperform at BofA

BofA analyst Vivek Arya upgraded Ambarella (AMBA) to Neutral from Underperform with an $80 price target Ambarella is entering a period of accelerated growth following a period of “flattish growth,” the analyst tells investors. Ambarella is expected to grow revenue 23% year-over-year in calendar 2024, notes the analyst, who forecasts a 17% compound annual sales growth rate from calendar 2024 to 2027 and expect EPSs to return to positive levels in calendar 2026.