CICC Raises Arm Holdings plc TP to USD203, Rating Neutral
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CICC has raised the target price for Arm Holdings plcto USD203, maintaining a Neutral rating. The UK chip designer reported a revenue of USD1.49 billion for the fiscal quarter ending March, a 20% increase YoY and QoQ. Non-GAAP net profit was USD641 million, exceeding expectations. CICC lowered its FY2027 adjusted net profit forecast by 10% to USD2.22 billion but expects a 45% YoY rise in FY2028 adjusted net profit to USD3.21 billion, driven by anticipated large-scale shipments in FY2029.
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