Goldman Sachs downgraded Arm (ARM) to Sell from Neutral with a price target of $120, down from $160. The firm adjusted ratings in the semiconductor group as part of its 2026 outlook. Goldman sees hyperscaler artificial intelligence spending continuing to move higher, driving tailwinds for digital, memory and storage in 2026. It also also sees a gradual industrial and automotive recovery driving cyclical tailwinds in analog. The analyst cites the company’s limited leverage to the AI cycle, traction across non-traditional markets, and business model transition for the downgrade of Arm.
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