Andrew Gardiner, an analyst from Citi, reiterated the Buy rating on ARM Holdings PLC ADR. The associated price target remains the same with $190.00.
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Andrew Gardiner has given his Buy rating due to a combination of factors tied to Arm’s expanding role across AI and chipmaking. He expects the upcoming “Arm Everywhere” investor event to highlight Arm’s transition from pure IP licensing toward fuller chip and system design, as well as a deeper role in AI infrastructure as the market shifts from training workloads to inference and agentic AI, where Arm-based CPUs are well positioned.
He also forecasts that Cloud AI royalties will overtake Mobile royalties by FY29, supported by rapid data center demand and Arm’s higher-value content per unit, from compute subsystems up to full SoC and, in some cases, chip manufacturing. Gardiner’s Cloud AI royalty projections for FY29–30 are materially above consensus, driving a constructive earnings outlook that underpins his reiterated Buy rating and $190 price target.
In another report released on March 17, Wells Fargo also maintained a Buy rating on the stock with a $150.00 price target.