Wells Fargo lowered the firm’s price target on Arm (ARM) to $150 from $160 and keeps an Overweight rating on the shares. The firm views Arm’s Q3 2026 results as positive given upside was driven by a royalty beat, and estimated smartphone / memory royalty risk is less than feared. Wells views next catalyst as 3/24 event, in which it expects Arm to introduce its first CPU.
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