Ambarella price target raised to $100 from $95 at Wells Fargo

Wells Fargo analyst Gary Mobley raised the firm’s price target on Ambarella to $100 from $95 and keeps an Overweight rating on the shares. The firm notes that the company reported a solid Q4 but weak Q1 guide. Wells thinks the April-quarter should be a bottom for the inventory correction and instead investors should focus on positive metrics related to the CV/auto opportunity.