UPDATE: Morgan Stanley Maintains Overweight on Ambarella Inc. on Strong Gross Margins

In a report published on Tuesday, Morgan Stanley analyst Joseph Moore maintained Overweight for semiconductor maker Ambarella Inc. AMBA on strong gross margins. In the report, Moore pointed out, "Ambarella beat our revenue ests by 6% on sports and automotive cameras, and guided above on strength in security cameras; gross margins continue to be high despite weakness in infrastructure. We like the stock, though we'd be price sensitive if it approaches our new price target of $18." Ambarella is currently priced at $16.32, up .80 percent from its Tuesday close of $16.19.