Ambarella price target lowered to $105 from $114 at Morgan Stanley

Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Ambarella to $105 from $114 and keeps an Overweight rating on the shares. Though the supply chain "continues to create major headwinds" and is driving a weaker outlook for the next couple of quarters, he still likes the longer-term positioning and contends that Ambarella’s 28% automotive funnel increase "points to a large long-term ramp."