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AMBA

Ambarella

$61.39

-0.13 (-0.21%)

, GPRO

GoPro

$9.82

-0.16 (-1.60%)

17:17
12/01/16
12/01
17:17
12/01/16
17:17

Ambarella CFO notes GoPro growth, warns of potential revenue hit in early FY18

Speaking during the company's Q3 earnings conference call, Ambarella (AMBA) CFO George Laplante stated: "In the wearable market, we saw strong year-over-year and sequential growth led by the production ramp of the new GoPro (GPRO) HERO5 line of cameras as well as the nonsports wearables such as police cameras. As a reminder, the comparison to prior year revenues for GoPro is somewhat difficult as a significant portion of their product launches occurred in Q2 rather than Q3 last year... The drone market was down both year-over-year and sequentially primarily due to the timing of product launches, as manufacturers continue to incur delays in the launch of new products or incurred production issues, causing a failure to meet market demand... During the quarter, for the first time, we commenced significant shipments of chips directly to GoPro rather than their ODMs in support of the launch of the HERO5 products. As a result, GoPro represented approximately 30% of our revenue in Q3 compared to 1% for the same period in the prior year. To avoid any misunderstanding, please note that the 1% of revenue generated from GoPro direct shipments in the prior year did not include chips shipped to GoPro's various ODMs." Looking ahead to Q4, Laplante said the company is "anticipating solid year-over-year growth in drones and wearable sports cameras." On FY18, the CFO warned that "although we expect to return to growth for the full year of FY18, our current visibility of Ambarella inventory levels held at our primary consumer product customers indicates there is a potential for a negative impact to revenue in the early part of FY18. Whether we realize such an impact, and the scope of any impact, will largely depend upon the holiday sell through in these markets."

AMBA

Ambarella

$61.39

-0.13 (-0.21%)

GPRO

GoPro

$9.82

-0.16 (-1.60%)

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AMBA Ambarella
$61.39

-0.13 (-0.21%)

11/04/16
ADAM
11/04/16
NO CHANGE
Target $87
ADAM
Buy
Ambarella weakness a buying opportunity, says Canaccord
Canaccord analyst Matthew Ramsay noted Ambarella (AMBA) shares moved lower following a disappointing holiday sales outlook from GoPro (GPRO), but said the weakness is a buying opportunity. Ramsay reiterated his Buy rating and $87 price target on Ambarella shares, saying that the company's road map is being driven by the automotive industry, professional drones, and enterprise security cameras more than consumer action cameras.
10/12/16
ADAM
10/12/16
NO CHANGE
Target $87
ADAM
Buy
Ambarella leading technology position remains intact, says Canaccord
Canaccord analyst Matthew Ramsay said Ambarella's leading technology position remains intact. He noted the company has several growing end markets - including wearables, security, automotive and drone cameras - and believes long-term investors will be rewarded with the new design ramp. Ramsay reiterated his Buy rating and raised his price target to $87 from $86 on Ambarella shares.
09/28/16
ROTH
09/28/16
INITIATION
Target $80
ROTH
Buy
Ambarella initiated with a Buy at Roth Capital
Roth Capital analyst Suji Desilva initiated Ambarella with a Buy rating and an $80 price target.
09/02/16
PACS
09/02/16
NO CHANGE
PACS
Ambarella outlook remains positive, says Pacific Crest
After Ambarella reported better than expected results but maintained its flat to down 5% fiscal 2017 revenue guidance, Pacific crest analyst Brad Erickson says that the company's "outlook for drone sell-in was a bit disappointing." However, the analyst thinks that the company continues to display "rock solid execution" and can still beat expectations during the upcoming holiday season. The analyst keeps a $75 price target and Overweight rating on the shares.
GPRO GoPro
$9.82

-0.16 (-1.60%)

11/09/16
11/09/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) downgraded to Neutral from Outperform at Baird with analyst David George noting the stock's outperformance and the higher re-rating of its valuation multiple. 2. GoPro (GPRO) downgraded to Neutral from Outperform at Wedbush, to Market Perform from Outperform at Raymond James, and to Sell from Neutral at Dougherty. 3. Universal Health (UHS) downgraded to Neutral from Buy at BofA/Merrill, to Neutral from Buy at Mizuho, and to Market Perform from Outperform at Avondale. 4. Globus Medical (GMED) downgraded to Market Perform from Outperform at JMP Securities, to Perform from Outperform at Oppenheimer, and to Market Perform from Outperform at William Blair. 5. Delphi (DLPH) and Magna (MGA) were downgraded to Underperform from Buy at BofA/Merrill while the firm downgraded Lear (LEA), American Axle (AXL), Adient (ADNT), and BorgWarner (BWA) to Underperform from Neutral. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/09/16
DOTC
11/09/16
DOWNGRADE
DOTC
Sell
GoPro downgraded to Sell from Neutral at Dougherty
Dougherty downgraded GoPro to Sell from Neutral and lowered its price target to $6 following the drone recall. The analyst is concerned about management's multiple operational stumbles, weak Hero 5 demand, and elevated valuation.
11/09/16
11/09/16
DOWNGRADE

Market Perform
GoPro downgraded to Market Perform after drone recall at Raymond James
As previously reported, Raymond James downgraded GoPro to Market Perform from Outperform following the company's announcement of an immediate recall of the roughly 2,500 Karma drones purchased since launch on October 23.. Analyst Tavis McCourt is concerned about GoPro's brand image following a 12-18 month period of product management missteps and its ability to broaden its product portfolio into different areas. McCourt didn't make any changes to 2016 estimates but is less comfortable in potential upside and sustainability of growth in 2017 and beyond.
11/09/16
RAJA
11/09/16
DOWNGRADE
RAJA
Market Perform
GoPro downgraded to Market Perform from Outperform at Raymond James

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