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Fly News Breaks for June 23, 2015
AMBA
Jun 23, 2015 | 07:35 EDT
Canaccord said the weakness in Ambarella following a short report issued by Citron Research is a buying opportunity. The firm said its long-term conviction in the company remains citing its highly differentiated application-specific video encode, compression, and analytics processors that position the company for strong sales and earnings growth. Further, Canaccord expects Ambarella's investments in video analytics will prove to be significantly undervalued long-term. The firm rates Ambarella a Buy with a $115 price target on shares.
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