TD Cowen analyst Matthew Ramsay downgraded Ambarella to Market Perform from Outperform with a price target of $65, down from $90, following the Q2 report. The company announced “another hard expectation cut” as customer inventory burn accelerates, leaving Ambarella with little visibility in the near and intermediate term, the analyst tells investors in a research note. The firm says the company’s core video processing unit is impairing its profits.
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