Ambarella price target raised to $105 from $95 at KeyBanc

KeyBanc raised its price target on Ambarella to $105 from $95 as the firm rolls its valuation forward to 2024, while keeping an Overweight rating on the shares. KeyBanc notes that Ambarella reported in line Q4 results and guided Q1 meaningfully below expectations, as the inventory correction particularly within IoT worsens.