Craig Hallum因DRAM供给和新增长驱动能见度不足下调Ambarella评级

Ambarella ( AMBA ) was downgraded by investment firm Craig Hallum on Friday after  the semiconductor design company's second-quarter results and guidance indicated a lack of clarity on a couple of key items. “The first is DRAM pricing/supply that should have an impact on AMBA unit demand, and we have worries about how long this will last,” Craig Hallum analyst Richard Shannon wrote in a note to clients. “The other is a relative lack of visibility into growth drivers from new product initiatives (semi-custom work, edge AI infrastructure, and the new AI accelerators). While we have confidence that AMBA's advantage on power efficiency is an important differentiator and expect it to attract customers for its semi-custom work, we need more certainty on timing and scale. Given the healthy valuation AMBA trades at, we look for a better entry point and/or improved visibility on new growth drivers.” Shannon downgraded Ambarella to Hold from Buy and cut his price target to $70 from $95. Ambarella shares fell 0.5% in premarket trading.