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Fly News Breaks for August 21, 2015
QCOM, AMBA
Aug 21, 2015 | 12:53 EDT
Canaccord analyst Matthew Ramsay says competition in the drone market from Qualcomm (QCOM) is not a surprise given Ambarella's "strong position in multiple fast-growing camera markets." Ramsay thinks upside to his Street-high revenue estimates is likely and keeps a Buy rating on Ambarella with a $122 price target. The stock is down $7.09 to $89.95, but off its lows, after Re/code reported that Qualcomm is planning to sell its chips to makers of consumer drones.
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