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Ambarella (AMBA) Stock Price Target Increased at Canaccord Genuity

NEW YORK (TheStreet) -- Ambarella's (AMBA) stock price target was raised to $87 from $86 at Canaccord Genuity on Wednesday morning.

The firm also maintained its "buy" rating on shares of the Santa Clara, CA-based semiconductor company and supplier to GoPro (GPRO).

The higher price target comes after Canaccord met with the company's management.

"Meetings were mixed in tone on near-term trends with investors looking to understand the size and growth potential of the sports camera and drone markets," the firm wrote in an analyst note.

"Longer-term focused meetings were quite positive and we believe investors are gradually starting to understand the underappreciated sensor fusion...