BofA lowered the firm’s price target on Ambarella to $50 from $62 and keeps an Underperform rating on the shares. The firm lowered its Ambarella price target on what it sees as a “muted” IoT growth outlook, but BofA says it remains constructive on the semiconductor sector as a group as “we are only two quarters into what is normally a ~10-quarter upcycle.”
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