Ambarella shares hit highest since Aug 2023 after upbeat forecast

Ambarella

27/11/2024 17:47

** Shares of Ambarella  AMBA.O  up about 4.6% in midday trading
Wed and earlier hit their highest level since Aug 2023 after the
semiconductor co's upbeat rev forecast
    ** Several brokerages raised their price targets following
the qtrly results and forecast, including Morgan Stanley, which
raised its target on the stock to $90 from $73
    ** The stock was last at $71.50 and hit an intraday high of
$81.32. The 12-mo median price target on the stock is now at
$90, with eight analysts rating it a "buy" or "strong buy," five
a "hold," and two a "sell," per LSEG 
    ** Morgan Stanley in a research note Wed says "the strength
of their technology and rising demand for Edge AI have more than
offset headwinds."
    ** Co late Tues forecast Q4 rev to be between $76 mln and
$80 mln, above consensus estimates, based on LSEG data
    ** AMBA is up about 17% YTD vs a roughly 26% gain in the
Nasdaq  .IXIC 

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))