Wells Fargo lowered the firm’s price target on Arm (ARM) to $160 from $195 and keeps an Overweight rating on the shares. While the firm remains positive on Arm’s long-term position to benefit from emerging AI opportunities, Wells thinks forward estimates require a reset. The firm is lowering 2027 / 2028 estimate and believes 2027 Street Royalty revenue estimates are too high at positive 27% year-over-year.
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