Shares of Ambarella are trading down 3.4% in Thursday’s pre-market session after the video and image processing chipmaker provided a lower-than-expected revenue outlook for 3Q. The company forecasts revenues between $52 million and $56 million, while analysts are projecting sales of $56.4 million.
AMBA) reported better-than-expected 2Q results. The company’s revenues of $50.1 million marginally exceeded analysts’ expectations of $50 million. Its adjusted EPS of $0.06 also compared favorably with the Street consensus of a loss of $0.02 per share. Overall, both earnings and revenues plunged 72.7% and 11.2%, respectively, on a year-to-date basis.” data-reactid=”13″>Nonetheless, Ambarella (AMBA) reported better-than-expected 2Q results. The company’s revenues of $50.1 million marginally exceeded analysts’ expectations of $50 million. Its adjusted EPS of $0.06 also compared favorably with the Street consensus of a loss of $0.02 per share. Overall, both earnings and revenues plunged 72.7% and 11.2%, respectively, on a year-to-date basis.
See AMBA stock analysis on TipRanks).” data-reactid=”14″>“We are encouraged by the growing acceptance of our visual AI [Artificial Intelligence] products, despite the economic consequences of the pandemic and the continuation of the geopolitical risks,” Ambarella CEO Fermi Wang said. “We remain confident 10% of our total revenue will be earned from CV [computer vision] products in fiscal year 2021,” he further added. (See AMBA stock analysis on TipRanks).
Kevin Cassidy reiterated a Buy rating on the stock with a price target of $60 (7.3% upside potential). In a note to investors, Cassidy wrote, “We are more constructive on Ambarella’s return to growth as the world economies recover. We believe the company’s product line-up is well positioned for the growing demand for processing and analyzing video.”” data-reactid=”19″>Last month, Rosenblatt Securities analyst Kevin Cassidy reiterated a Buy rating on the stock with a price target of $60 (7.3% upside potential). In a note to investors, Cassidy wrote, “We are more constructive on Ambarella’s return to growth as the world economies recover. We believe the company’s product line-up is well positioned for the growing demand for processing and analyzing video.”
price target of $55.75 implies that shares are almost fully priced at current levels. Shares are down nearly 7.7% year-to-date.” data-reactid=”20″>Currently, the Street has a bullish outlook on the stock, with a Strong Buy analyst consensus. The average price target of $55.75 implies that shares are almost fully priced at current levels. Shares are down nearly 7.7% year-to-date.
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