Stifel lowers its Ambarella (NASDAQ:AMBA) price target from $64 to $56 after yesterday’s earnings report beat Q1 estimates but guided downside revenue for Q2.
Firm cites management comments suggesting the CV product introductions are on track with high customer interest. Stifel continues recommending Ambarella as the company moves into a new era.
Ambarella shares are down 13.3% premarket to $42.80. Shares are down 16% YTD.
Previously: Ambarella +1.9% on Q1 beats, downside guidance (June 5)
Previously: Oppenheimer downgrades Ambarella (June 6)
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