Ambarella price target raised to $75 from $70 at Northland

Northland analyst Gus Richard raised the firm’s price target on Ambarella to $75 from $70 and keeps an Outperform rating on the shares after the company reported what the firm calls “a solid quarter” that featured them beating the bottom line on lower operating expenses. The firm believes the bottom of the inventory correction occurred in the October quarter and contends that design win momentum driven by the company’s inference products in IoT and auto applications will start to accelerate revenue growth in calendar 2025.