From Nasdaq: 2024-05-22 11:50:00

Ambarella unveiled new AI-based systems-on-chip (SoCs) CV75AX and CV72AX for in-vehicle fleet telematics systems. These chips offer improved AI performance, support up to 10 cameras, and consume minimal power. AMBA is benefiting from the growing ADAS market with positive feedback on its products and collaborations with companies in the Autonomous Driving segment. However, the company faces near-term challenges such as inventory reduction and weak demand in certain market segments. AMBA currently carries a Zacks Rank of #3 (Hold), while stocks to consider are AppFolio, Arista Networks, and Alphabet, each with a Zacks Rank of #1 (Strong Buy).

Furthermore, AppFolio’s 2024 earnings per share estimate was revised upward by 13 cents to $3.97, with a surge of 78.7% in shares over the past year. Arista Networks saw a 43-cent upgrade in its 2024 earnings per share estimate to $7.92, with shares soaring 125.7% in the past year. Alphabet’s 2024 earnings per share estimate was revised upward by 80 cents to $7.57, with shares jumping 45.1% in the past year. Download Zacks Investment Research’s free Special Report on 5 Dividend Stocks to Include in Your Retirement Strategy.

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Read more at Nasdaq: Ambarella (AMBA) Launches CV75AX and CV72AX AI-Based SoCs