In a report published Wednesday, Morgan Stanley analyst Joseph Moore reiterated an Equal-Weight rating on Ambarella AMBA.
In the report, Morgan Stanley noted, “Qtr essentially as previewed, with strong performance from IP security, offset by seasonal weakness in sports camera. Comments about pricing pressure in the low end of the security camera market will likely cause some anxiety, but Ambarella's position at the high end of that market remains strong.
"We continue to like the story, and are particularly intrigued by newer growth areas such as consumer security cameras and later automotive OEM wins. We see about 10% upside in the next 12 months, with good growth potential but high valuation and customer concentration.”
Ambarella closed on Tuesday at $24.65.
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