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Fly News Breaks for August 31, 2018
AMBA
Aug 31, 2018 | 07:05 EDT
BofA/Merrill analyst Adam Gonzalez downgraded Ambarella to Underperform and cut its price target to $35 from $42 to reflect slower earnings and sales growth near-term. The analyst said the slower-than expected transition away from legacy consumer markets is pressuring earnings as the company's Q2 report was inline but guided Q3 sales below consensus for the second straight time. Gonzalez is positive on Ambarella's expansion into computer vision but does not expect a material contribution for at least 2+ years.
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