Ambarella price target raised to $73 from $67 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ambarella to $73 from $67 and keeps an Overweight rating on the shares. There were no surprises around numbers, which “appears to be a relief to the market,” says the analyst. The firm adds that the industry correction in 2023 was “disappointing and surprising,” but it thinks the level of stock underperformance seen by Ambarella is “remarkable given the sudden enthusiasm for edge-based AI.”