- Analysts raised semiconductor solutions provider Ambarella Inc’s (NASDAQ:AMBA) price target (PT) following the Q2 revenue of $79.3 million, up 58% year-on-year, above the consensus of $75.7 million. The EPS of $0.35 beat the consensus of $0.25.
- Stifel analyst Tore Svanberg raised the PT to $145 from $140 and affirmed a Buy following the “solid” July quarter beat and “even stronger” October quarter raise.
- Ambarella showed “impressive” profitability and operating leverage, Svanberg added.
- Wells Fargo analyst Gary Mobley raised the PT to $115 from $110 and reiterated an Equal Weight.
- Deutsche Bank analyst Ross Seymore raised the PT to $115 from $110 and maintained a Hold.
- For the fourth consecutive quarter, Ambarella’s results beat the high end of its guided range, Seymore notes.
- Price Action: AMBA shares traded higher by 26.70% at $131.24 in the market session on the last check Wednesday.
Why Upstart Shares Are Falling
Shares of several companies in the broader technology sector, including Upstart Holdings Inc (NASDAQ: UPST), are trading lower as investors weigh Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 which could weigh on tech and growth stocks.
