In a research report released Sunday, Canaccord Genuity analyst Matt Ramsay maintained a Buy rating on Ambarella Inc. (NASDAQ:AMBA) with a $66 price target, after he held held a meeting with CFO George Laplante at CES last week.
Ramsay noted, “We believe Ambarella’s portfolio of highly-differentiated application-specific video encoding microprocessors positions the company for strong sales and earnings growth as HD and UltraHD video capture and compression become increasingly important across several growing consumer and enterprise markets. Further, we believe Ambarella’s investments in video analytics will prove significantly undervalued and provide sustained long-term differentiation and pricing stability.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Ramsay has a total average return of -1.4% and a 57.1% success rate. Ramsay has a 16.9% average return when recommending AMBA, and is ranked #2616 out of 3420 analysts.