Ambarella price target raised to $85 from $65 at Roth Capital

Roth Capital raised the firm’s price target on Ambarella (AMBA) to $85 from $65 and keeps a Neutral rating on the shares. The company reported a solid beat and raise with growth from non-auto Edge AI applications, supporting revenue momentum for the company, the analyst tells investors in a research note. Roth adds it expects continued growth from newer Edge AI design wins ramping over the next few quarters, which also provide an ASP uplift for the company, the firm added.