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Ambarella Gets Price Target Cuts By Analysts After Weak Forecast, Shares Tumble

Published 31/05/2023, 12:52
Updated 31/05/2023, 14:10
© Reuters. Ambarella Gets Price Target Cuts By Analysts After Weak Forecast, Shares Tumble

Benzinga - Ambarella Inc (NASDAQ: AMBA) reported upbeat earnings for its first quarter, but issued a weak second-quarter forecast.

Ambarella reported first-quarter revenue of $62.14 million, which narrowly beat estimates for revenue of $62.01 million. The company reported a quarterly loss of 15 cents per share, which came in ahead of estimates for a loss of 21 cents per share.

Ambarella expects second-quarter revenue to be between $60 million and $64 million versus estimates of $67.17 million.

Ambarella shares dropped 18.8% to $66.50 in today’s pre-market trading session.

These analysts made changes to their price targets on Ambarella following earnings announcement.

  • Rosenblatt cut the price target on Ambarella from $100 to $95. Rosenblatt analyst Kevin Cassidy maintained a Buy rating.
  • Stifel lowered the price target on Ambarella from $95 to $90. Stifel analyst Tore Svanberg maintained a Buy rating.
  • Needham analyst Quinn Bolton, meanwhile, reiterated Ambarella with a Buy and maintained a $100 price target.
  • Keybanc analyst John Vinh downgraded Ambarella from Overweight to Sector Weight.

Check This Out: NetApp Likely To Report Lower Q4 Earnings; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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