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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Arm, which recently <a href="https://tokenist.com/arms-shares-continue-to-fall-in-premarket-bernstein-sets-46-target/" rel="noopener noreferrer nofollow" class="deco-link">completed its initial public offering</a> (IPO), experienced a notable boost on Monday. Notably, the firm <a aria-label="attracted bullish assessments (opens in a new tab)" href="https://www.reuters.com/markets/us/top-wall-st-brokerages-rate-arms-stock-buy-earnings-potential-2023-10-09/#:~:text=The%20%22buy%22%20or%20equivalent%20ratings,the%20cloud%20and%20automotive%20markets." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">attracted bullish assessments</a> from major Wall Street firms as they initiated coverage of the company, citing Arm’s dominance in the smartphone market as one of the expected growth drivers.</p>
<h3 id="wall-street-sees-arm-s-stock-price-rising-up-to-70-a-share">Wall Street Sees Arm’s Stock Price Rising Up to $70 a Share</h3>
<p>Multiple brokerage bigwigs on Wall Street opened their coverage of Arm Holdings with top ratings on Monday, citing the chipmaker’s leadership in the smartphone market and possible expansion into data centers as potential earnings growth catalysts. Arm’s shares rose 2.8% at the market open on Monday.&nbsp;</p>
<p>Wall Street’s biggest banks, including JPMorgan and Goldman Sachs, graded Arm’s stock with “buy” or similar ratings. The moves underscore the brokerages’ confidence in the UK-based semiconductor company to grow revenue through higher royalty fees and a strong presence in cloud and automotive markets.</p>
<p>“We expect Arm to not only expand on its presence in the smartphone market primarily through higher royalty rates, but to also extend its reach across applications to which it is under-indexed,” Goldman Sachs strategists wrote, setting a price target of $62.&nbsp;</p>
<p>Furthermore, other brokerages such as Citi, TD COwen, Deutsche Bank, and Mizuho also set their price objectives for ARM from $60 to $70. The most bullish was JPMorgan, which <a aria-label="started ARM’s coverage (opens in a new tab)" href="https://www.marketscreener.com/quote/stock/ARM-HOLDINGS-PLC-159091235/news/JPMorgan-Starts-Arm-Holdings-at-Overweight-With-70-Price-Target-45018892/#:~:text=JPMorgan%20Starts%20Arm%20Holdings%20at,at%2007%3A05%20am%20EDT" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">started ARM’s coverage</a> with an “overweight” rating and a price target of $70.&nbsp;</p>
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<h3 id="arm-s-public-debut-ended-ipo-market-drought">ARM’s Public Debut Ended IPO Market Drought</h3>
<p>The spate of recommendations ended the silent period for the nearly 30 banks that underwrote Arm’s IPO in September.</p>
<p>The chip manufacturer raised $4.87 billion for its owner, SoftBank Group, marking the biggest public listing of 2023. From a broader perspective, the IPO’s success provided much-needed confidence to investors and companies considering going public following a nearly two-year market drought.&nbsp; Arm’s IPO was one of the three big September listings, with delivery company Instacart and marketing automation firm Klaviyo debuting on the US stock exchanges.&nbsp;</p>
<p>With Arm’s shares currently trading at $55.5 a piece, the aforementioned price targets by Wall Street giants imply the stock has an upside potential of between 10% and 27%. Meanwhile, some brokerages, like HSBC, offered a more cautious coverage for Arm’s stock, saying the company’s shares may remain range-bound due to smartphone market uncertainty.</p>
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<p><em><strong>Where do you think Arm’s share price will stand by the end of 2023? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/jpm-sets-a-70-price-target-for-arm-as-wall-street-initiates-coverage/">JPM Sets a $70 Price Target for ARM as Wall Street Initiates Coverage</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

JPM Sets a $70 Price Target for ARM as Wall Street Initiates Coverage

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