Wells Fargo Downgrades Ambarella to Equal-Weight, Lowers Price Target to $65
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Gary Mobley has downgraded Ambarella (NASDAQ:AMBA) from Overweight to Equal-Weight and reduced the price target from $85 to $65.

January 03, 2024 | 12:35 pm
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Ambarella's stock rating has been downgraded by Wells Fargo from Overweight to Equal-Weight, and its price target has been cut from $85 to $65.
A downgrade by a major analyst like Wells Fargo typically leads to a negative short-term reaction in the stock price as market sentiment adjusts to the new rating. The reduction in the price target further suggests a bearish outlook on the stock's value, which can influence investor perception and potentially lead to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100