KeyBanc lowered the firm’s price target on Arm (ARM) to $170 from $200 and keeps an Overweight rating on the shares. The firm notes the company posted strong Q3 results and guided Q4 higher as royalties and licensing beat. Management is acknowledging memory pricing/shortages will likely impact Handset royalty growth but will be more resilient with 15%-20% unit decline impacting handset royalties by 2%-4%, KeyBanc adds.
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