Craig-Hallum analyst Richard Shannon raised the firm’s price target on Ambarella to $85 from $80 and keeps a Buy rating on the shares. The firm notes Ambarella’s inventory cycle is complete, as “plainly shown” by its Q3 guidance that was well above consensus. With the stock up strongly in the aftermarket, Craig-Hallum continues to like Ambarella for the longer term but may be looking for a better entry point in the near term.
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