Roth MKM analyst Suji Desilva lowered the firm’s price target on Ambarella to $60 from $75 and keeps a Neutral rating on the shares. The company’s below-consensus guidance reflects broad customer inventory adjustments primarily in its IoT/ consumer segment, along with some automotive adjustment as well, the analyst tells investors in a research note. Ambarella’s near-term outlook remains challenging as customers aggressively work down inventory, particularly in China where end demand remains relatively soft, the firm added.
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