NewStreet Research sets a Buy rating and $59 target price on shares of chip-design house Arm, which is set for an initial public offering on Thursday.
While Arm Holdings hasn’t even completed its much-anticipated initial public offering, the semiconductor-design firm nonetheless has picked up its first Buy rating from the Street.
NewStreet Research analyst Pierre Ferragu isn’t waiting around to see what happens with the IPO. On Wednesday, he picked up coverage of Arm shares with a Buy rating and $59 target price. “Arm’s fundamentals have not changed in the last seven years: The company rides growth in semiconductor content across all end markets, driving up adoption of its IP,” he writes.
Newsletter Sign-up Ferragu writes that there are three primary reasons he is bullish on the outlook for Arm. Two, he thinks the IPO is well timed from an investor’s point of view, in that the company’s growth should accelerate from here. “The IPO happens at a low in the smartphone market, as penetration accelerates in networking, cloud, and autos, and in the early days of the migration to the v9 architecture,” the company’s latest chip design.
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