Ambarella price target lowered to $90 from $100 at Cowen

Cowen analyst Matthew Ramsay lowered the firm’s price target on Ambarella to $90 from $100 and keeps an Outperform rating on the shares. The analyst said near-term IoT weakness isn’t surprising, but it drives another number reset and with that said, the story remains about the unchanged tech/CV differentiation in autos, which he see as undervalued.