Another ARM Downgrade Brings Up Valuation Concerns in Mobile Chips
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For the fourth time in just over two weeks, ARM Holdings PLC (NASDAQ: ARMH) has been downgraded. London-based Numis Group downgraded ARM Holdings, which also trades on the London exchange, to Hold from Buy but lifted the target price to 820p from 750p. In its report, the firm cites the 85% rally in the stock from the lows in July last year. ARM should report a solid fourth quarter, capping a year of demonstrating its opportunities to become pervasive across the semiconductor market over the long term. This should also provide opportunities to extend into new market segments to remain strong, but now look priced-in.