UPDATE: Deutsche Bank Raises PT on Ambarella on Solid 4Q13 Results
In a report published Friday, Deutsche Bank reiterated its Buy rating on Ambarella (NASDAQ: AMBA), and raised its price target from $12.00 to $15.00.
Deutsche Bank noted, “Product mix drives solid results. AMBA delivered solid 4Q13 results largely driven by better product mix. The company continues to see strong demand for high-end Camera products (ASPs up q/q) which is offsetting the continued decline in high margin Infrastructure revenue. The company continued to see gains in security, automotive, and sport cameras which is offsetting expected declines in digital camcorders and DSCs. We raise estimates and boost P/T to $15 on better than expected guidance and maintain Buy rating.”
Ambarella closed on Thursday at $11.54.
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