BofA raised the firm’s price target on Arm (ARM) to $135 from $115 and keeps a Neutral rating on the shares. Post-Q4 earnings, the firm’s capex tracker indicates Q4 global hyperscale capex at $148B, up 14% quarter-over-quarter and 66% year-over-year, notes the analyst. For calendar years 2026 and 2027, capex now points to $748B and $869B, or 56% and 16% year-over-year growth, respectively, adds the analyst, who raised price targets for a number of names exposed to the AI capex buildout.
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