Analysts slashed their price targets on Ambarella, Inc (NASDAQ:AMBA) post Q1 results. Wells Fargo analyst Gary Mobley maintained Ambarella with an Overweight and lowered the price target from $125 to $110.
Mobley's re-rating followed relatively in-line 1Q23 results & a weak 2Q23 guide for AMBA, an outlook that considers the ripple effect of COVID lockdowns in China. He expected these issues to be transitory and suggested investors buy shares of AMBA on any resulting weakness.
