BUZZ-Ambarella shares hit highest since Aug 2023 after upbeat forecast

Reuters11-28

** Shares of Ambarella up about 4.6% in midday trading Wed and earlier hit their highest level since Aug 2023 after the semiconductor co's upbeat rev forecast

** Several brokerages raised their price targets following the qtrly results and forecast, including Morgan Stanley, which raised its target on the stock to $90 from $73

** The stock was last at $71.50 and hit an intraday high of $81.32. The 12-mo median price target on the stock is now at $90, with eight analysts rating it a "buy" or "strong buy," five a "hold," and two a "sell," per LSEG

** Morgan Stanley in a research note Wed says "the strength of their technology and rising demand for Edge AI have more than offset headwinds."

** Co late Tues forecast Q4 rev to be between $76 mln and $80 mln, above consensus estimates, based on LSEG data

** AMBA is up about 17% YTD vs a roughly 26% gain in the Nasdaq

(Reporting by Caroline Valetkevitch)

((caroline.valetkevitch@thomsonreuters.com))

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