Needham hosted AMBA’s VP of Corporate Development, Louis Gerhardy, for investor meetings.
The meetings focused mainly on the CV3 ADAS design wins announced within the past month at Continental AG CTTAFCTTAY and Bosch, two of the top three Tier 1 suppliers of automotive camera sensing and radar sensing systems.
Although there is no exclusivity for CV3 at Continental and Bosch, these wins are significant for AMBA as they validate the performance, scalability, and efficiency of CV3 for L2 and L2+ applications and pair it with two players with considerable software capabilities.
Given the cost of porting software, especially at higher levels of ADAS, the analyst believes C&B will only port their software onto a limited number of SoCs.
Following the recent Continental and Bosch design win announcements and meetings, Bolton raised the price target to reflect increased confidence in future opportunities for CV3.
Boltonbelieves OEM design wins can be a significant catalyst for the stock, driving share gains and boosting the company’s automotive pipeline.
AMBA is open to looking at advanced nodes beyond 5nm at all foundries that can support this.
AMBA announced its centralized 4D imaging radar architecture that allows both central processing of raw radar data and deep, low-level fusion with other sensor inputs.
The C&B design wins have been excluded from the funnel to date. However, Bolton believes the two partnerships will dramatically increase the funnel by late CY23.
The analyst expected the discussions to focus on the C&B design wins but noted that current business conditions were rarely mentioned.
Price Action: AMBA shares traded lower by 1.49% at $84.40 on the last check Friday.
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