Arm upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Arm (ARM) to Outperform from Market Perform with a $166 price target The firm cites the company’s announced business model shift to include a fabless semiconductor element for the upgrade. Arm has increased its forecast calling for fiscal 2028 earnings per share of $3 and fiscal 3031 reaching $9, the analyst tells investors in a research note. Raymond James says the “industry-leading bandwidth” of Arm’s AGI CPU chip allows for more effective threads of execution per rack versus x86 CPUs.