大行评级｜花旗：上调ARM目标价至190美元 重申“买入”评级

Core Viewpoint - Citigroup's research report indicates a slight surprise in ARM's performance for Q1 2026, highlighting enhanced licensing activities, subdued royalty fees, and increased R&D expenditures, which have pressured EPS but are not viewed negatively [1] Group 1: Financial Performance - ARM's conservative outlook on royalty fees for the year, particularly in the slow-growing smartphone market, is noted, with low visibility due to potential tariff impacts on end demand [1] - Citigroup has raised its revenue forecasts for ARM for 2026 and 2027 by 1% and 2% respectively, predicting robust revenue growth of 19% and 23% [1] - The firm has adjusted ARM's EPS downwards by 4% for both 2026 and 2027 due to maintaining revenue estimates while increasing expenses [1] Group 2: Strategic Developments - Increased R&D expenses are attributed to higher royalty rates accelerating the development of compute subsystem (CSS), SoftBank's design work, and ARM's potential shift towards silicon chip manufacturing [1] - Citigroup expects more information in the coming quarters that will positively influence ARM's financial model, supporting its stock price [1] Group 3: Investment Rating - Citigroup reaffirms a "Buy" rating for ARM, raising the target price from $170 to $190 [1]