Arteris price target raised to $35 from $16 at Jefferies

Jefferies analyst Kevin Garrigan raised the firm’s price target on Arteris (AIP) to $35 from $16 and keeps a Hold rating on the shares. The company reported a “beat-and-raise” quarter as demand accelerates from AI-related activity, the analyst tells investors in a research note. The firm says Arteris’ royalty trends improved meaningfully, supported by greater exposure to data center. However, Jefferies awaits better clarity on the company’s profitability following the step-up in spending before recommending the shares.