大行评级丨大摩：下调Arm目标价至171美元 维持“增持”评级

Core Viewpoint - Morgan Stanley reports that despite the expansion of Arm's operating expenses, licensing and royalty revenues are expected to support profitability for the second quarter ending September [1] - The long-term prospects for customized chip development and core business growth support the view that the stock presents an attractive entry point [1] - The firm maintains an "overweight" rating but has adjusted the target price from $180 to $171 due to changes in estimates for the fiscal year 2027 [1] Summary by Category - Operating Expenses and Profitability - Arm's operating expenses are expanding, yet licensing and royalty revenues are anticipated to sustain profitability for the second quarter [1] - Long-term Growth Prospects - The development of customized chips and growth in core business are seen as positive indicators for long-term performance, reinforcing the attractiveness of the stock [1] - Rating and Target Price Adjustment - Morgan Stanley retains an "overweight" rating on Arm but has lowered the target price from $180 to $171 based on revised estimates for fiscal year 2027 [1]