Ambarella (AMBA) PT Lowered to $160 at Jefferies

Jefferies analyst David Kelley lowered the price target on Ambarella (NASDAQ: AMBA) to $160.00 (from $170.00) while maintaining a Buy rating.

The analyst commented, "Q adj. EPS of $0.45 beat our est. of $0.44 & consensus of $0.42, while 1Q guide implies in-line sales, but lower earnings. AMBA continues to deliver on CV ramp with targeted sales mix of 45% in '23 vs. 25% in '22. Yet, supply constraints will weigh on 1H, including directly via foundry partner Samsung & indirectly via customer deferrals. We remain confident in longer term EPS ramp tied to CV rollout in security & auto markets. Lower ests., PT to $160."

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