Holdings PLC ARM in its first earnings report since Japanese internet and telecommunications conglomerate SoftBank Group Corp. The company said over 95 per cent of its invoicing is in dollars. Berenberg Bank cut ARM Holdings plc to a “hold” rating and increased their target price for the stock from GBX 1,400 ($18.57) to GBX 1,700 ($22.54) in a research note on Tuesday. On a consensus basis, Wall Street sell-side analysts have a mean target price of $52.2 for ARM Holdings plc (ADR) (NASDAQ:ARMH).
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Shares in ARM have rallied since the takeover bid, and are 63pc higher than a month ago, at £16.77.
ARM Holdings plc (LON:ARM) traded down 0.42% during midday trading on Tuesday, hitting GBX 1676.00. The company has a 50-day moving average price of GBX 1,181.28 and a 200-day moving average price of GBX 1,026.79.
The company boosted its interim dividend by 20% to 3.78p per share.
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Last week, SoftBank announced it was acquiring the Cambridge-based company, which supplies technology for Apple’s iPhone, in a £24 billion deal. The Companys offers products, such as 16/32/64-bit RISC microprocessors, data engines, graphics processors, digital libraries, embedded memories, peripherals, software and development tools, as well as analog functions and high-speed connectivity products. ARM licenses and sells its technology and products to worldwide electronics companies, which in turn manufacture, markets and sells microprocessors, application-specific integrated circuits (ASICs) and application-specific standard processors (ASSPs) based on ARM’s technology to systems companies for incorporation into a range of end products.
