Needham analyst N. Quinn Bolton raised the firm’s price target on Ambarella (AMBA) to $100 from $90 and keeps a Buy rating on the shares. The company delivered “solid” Q2 results, while its two new design wins “showcase diversity” of its Internet of Things segment, the analyst tells investors in a research note. The IoT business continues to diversify outside of security cameras and is anticipated to be the primary driver of growth until a major Automotive design win is secured, the firm added.
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