UPDATE: Stifel Reiterates Buy Rating, Raises PT on Ambarella Following Investor Meetings

In a report published Monday, Stifel analyst Kevin Cassidy reiterated a Buy rating on

, and raised the price target from $44.00 to $47.00. In the report, Stifel noted, “Following over 20 investor meetings with management, we are convinced that Ambarella's focus on high quality video with highly efficient compression capabilities at low power is redefining applications for video. While many think of AMBA shares as a play on GoPro (GPRO; Hold; $86.97; followed by our colleague Jim Duffy), we believe the company is also poised for +20% growth in IP Security, Automotive, Wearables and Drones over the next few years. We are increasing our FY16 estimates.” Ambarella closed on Friday at $42.05.