UPDATE: Deutsche Bank Reiterates on Ambarella Following Strong F3Q14 Results
In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Ambarella (NASDAQ: AMBA), and raised the price target from $20.00 to $28.00.
In the report, Deutsche Bank noted, “AMBA posted strong F3Q14 results, exceeding DBe/Street on revs and EPS and providing in-line/slightly above-Street guidance. We continue to believe that the co's differentiated technology positions it well for continued leadership in both existing and new categories (e.g., wearables), and its secular drivers in our view will continue to generate solid top-line growth in CY14. We are increasing our P/T on slightly raised CY14 ests, albeit with an expectation that next year's returns will likely be less than those this year (shares up ~4x since IPO). We maintain our Buy and raise our P/T.”
Ambarella closed on Thursday at $23.98.
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