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Ambarella price target lowered to $90 from $110 at Needham

Needham lowered the firm’s price target on Ambarella (AMBA) to $90 from $110 and keeps a Buy rating on the shares. The company’s Q1 results and Q2 guidance exceeded estimates, though the firm is reducing its price target to reflect more conservative assumptions in its discount cash flow valuation model, the analyst tells investors in a research note.

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