KeyBanc boosts Ambarella estimates after shipping comments
KeyBanc analyst John Vinh raised his estimates for Ambarella after the company said it sees a limited impact from the recent Bureau of Industry ruling. Ambarella stated it will be able to ship the majority of the company's products it is currently shipping to HikVision/Dahua, as well as the recently introduced computer vision system-on-chips, as those are considered foreign-produced products, Vinh tells investors in a research note. The analyst, who previously excluded revenues associated with HikVision/ Dahua from his numbers, raised his fiscal 2020 earnings per share estimate for Ambarella to 50c from 37c and 2021 estimate to 65c from 19c. The consensus estimates are 49c and 61c, respectively. Vinh keeps a Sector Weight rating on Ambarella. The stock in morning trading is up 4% to $55.10.