Another Bullish Analyst's Report Keeps Arm Stock Rising
~1.1 mins read
Arm Holdings' (ARM) U.S.-listed shares rose Friday, extending a run of gains after an analyst started coverage of the chip-design company's stock with an upbeat rating.
Arm's American Depositary Receipts (ADRs) were recently up about 6%. Raymond James initiated coverage on the stock with an "overweight" rating, citing the company’s strong position in the generative artificial intelligence (AI) market. Analyst Srini Pajjuri gave Arm a price target of $160, about 15% above Thursday's close.
“ARM is well-positioned to benefit from rapid growth of GenAI in the cloud and at the edge,” Pajjuri wrote. Pajjuri said that edge AI—essentially the use of AI on local devices—was “a key catalyst” for Arm’s Armv9 architecture, which is used in the new Apple (AAPL) iPhone 16's processor.
Raymond James sees Arm’s technology finding its way into more mobile devices, as well as auto, data center, and PC markets. He argued that those factors should “drive sustainable double-digit growth for the next several years.”
Morgan Stanley on Wednesday made Arm “Our New Top Pick.” The analysts there also cited edge AI as part of their reasoning. Arm's ADRs have about doubled in 2024.
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