AMBA - Analysts Lower Ambarella Price Targets: Shifting Focus From Earnings To Underlying Tech Amid Market Weakness | Benzinga
Ambarella Inc (NASDAQ: AMBA) reported a second-quarter FY23 revenue decline of 23% year-on-year to $62.12 million, beating the consensus of $62.05 million. EPS of $(0.15) beat the estimate of $(0.21).
The company sees third-quarter revenue of $50 million, plus or minus 4%, versus estimates of $67.6 million. Adjusted gross margin is expected to be between 62% and 64%.
Analysts updated coverage on the company.
Morgan Stanley (Joseph Moore): Overweight, Lowers Price Target From $89 To $81
"The severity of revenue weakness is quite surprising to us, in the context that the company's biggest market (professional surveillance) is seeing a transition to computer vision (CV) technology that has more than 2x ...