Morgan Stanley Upgrades Arm to Overweight

Tiger Newspress2024-07-19

Morgan Stanley expects Arm Holdings to build on its strong year-to-date performance.

Analyst Lee Simpson upgraded the chipmaker to overweight from equal weight. His new price target of $190, up from $107, implies upside of 20% from Thursday’s close.

“We view Arm as a bunch of options on the emerging Edge AI space with potential for upside through custom silicon, new designs and extensions,” Simpson wrote.

“GenAI has surged into focus and semis has been seen as an enabler of cloud AI infrastructure needed to support AI data centres/servers. In the midst of this concentration on large scale AI, we believe the market could be missing the emerging Arm opportunity at the edge,” he added. “We think of Arm products as fundamental to the successful emergence of edge AI - mobile, autos, PCs and more.”

Arm Holdings is up more than 100% year to date. Shares also gained 3% in morning trading following the upgrade.

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