Ambarella (AMBA) got a price target hike Monday from an analyst who is bullish about new customer Xiaomi’s Yi action camera prospects in China and rising prices overall for cameras that use Ambarella chips. Santa Clara, Calif.-based Ambarella supplies high-definition video-capturing and processing chips to action camera maker GoPro (GPRO) and a growing list of other customers, such as No. 1 China smartphone and camera maker Xiaomi. Ambarella’s
Ambarella (AMBA) has reached profit-taking zone less than one month after clearing its consolidation. The GoPro (GPRO) chip supplier may have worried investors last week, when it sank almost all the way back to the buy point in intraday trade as the entire chipmaker group sold off. Other notable stocks in that group that got hit include Apple (AAPL) chip suppliers Avago Technologies (AVGO), Skyworks Solutions (SWKS) and NXP Semiconductors (NXPI).
GoPro (GPRO) just got its third bullish analyst report in a week. Dougherty & Co. on Monday upgraded GoPro to outperform, calling the action camera maker “one of the most valuable brands in consumer technology.” With the stock now at an “attractive entry point,” according to Dougherty, has the stock finally bottomed out? Plus, GoPro chip supplier Ambarella (AMBA) hit a new high on the stock market today after receiving a price target hike.