Is Arm Holdings Stock Going to $145? 1 Wall Street Firm Thinks So.
Heading into the company's recent earnings report, Arm Holdings (NASDAQ: ARM) stock had risen sharply, as investors anticipated strong increases in revenue. Arm delivered on those expectations by reporting record revenues in the March-ending fiscal fourth quarter.
However, the stock still fell after the earnings release, as the results weren't quite good enough to justify the company's expensive valuation. But analysts at Evercorse ISI still like the long-term direction of Arm. The firm kept an outperform (buy) rating on the shares, while lowering the price target from $156 to $145.
Arm reported strong year-over-year growth in revenue of 47%. Growing adoption of its Armv9 chip technology generated solid growth in royalty revenue.
Source Fool.com
