Arm is going to have plenty of challenges thanks to Intel. I think the estimates will prove to be optimistic and ARM could get the average estimate of 87 cents EPS for 2013 at best. At even a generous 20 times earnings, stock could drop to $16.
I think ARMH is looking more toward lower end, mass quantity devices than the high end computing to make their revenues in the future. Last year they were talking about servers and PC's, this year it's the "internet of things."