Analysts hailed Ambarella Inc's (NASDAQ:AMBA) Q3 beat and Q4 outlook by raising their price targets.

• KeyBanc analyst John Vinh maintained an Overweight and raised the price target from $185 to $230, implying a 28.1% upside.
• Despite encountering kitting shortages, Ambarella delivered results and guidance above expectations. 
• More notably, Ambarella announced that it is shipping in production into EV truck maker Rivian Automotive Inc (NASDAQ:RIVN) in the model R1T with multiple CV SoCs to support video perception, surround-view processing, and security, Vinh says, highlighting that the company has also tripled its 6-year discounted auto revenue funnel to $1.8 billion.
• Wells Fargo analyst Gary Mobley raised the price target to $185 from $115, implying a 3.1% upside, and reiterated an Equal Weight.
• Rosenblatt analyst Kevin Garrigan maintained a Buy and raised the price target from $210 to $250, implying a 39.3% upside.
• Deutsche Bank analyst Ross Seymore raised the price target to $155 from $115, implying a 13.7% downside, and reiterated a Hold. 
• The company once again delivered a revenue beat, albeit with its guidance raise smaller in magnitude than past quarters, as supply issues weigh on its ability to address demand.
• However, more critical than these near-term dynamics, Ambarella's longer-term outlook "remains robust."
• Baird analyst Tristan Gerra raised the price target to $200 from $125, implying an 11.4% upside, and maintained a Neutral.
• The analyst said they have a very significantly de-risked China demand exposure. In contrast, its automotive revenue funnel has tripled to $1.8 billion from a year ago, with perception remaining a key driver but now adding fusion use cases.
• Needham analyst N. Quinn Bolton raised the price target to $225 from $220, implying 25.3% upside, and affirmed a Buy.
• Roth Capital analyst Suji Desilva raised the price target to $260 from $225, implying a 44.8% upside, and maintained a Buy.
• Morgan Stanley analyst Joseph Moore raised the price target to $229 from $222, implying a 27.6% upside, and kept an Overweight rating.
• Price Action: AMBA shares traded higher by 15.4% at $207.12 in the premarket session on the last check Wednesday.