大行评级丨花旗：Arm仍具强劲成长动能与成长股特质，目标价下调至190美元

Group 1 - The core viewpoint of the report is that Arm, a UK chip designer under SoftBank, has slightly exceeded revenue and profit expectations for the third quarter of the fiscal year ending December 2026, indicating strong growth momentum and characteristics of a growth stock [1] - Arm's revenue and earnings per share are projected to have a compound annual growth rate (CAGR) of over 20% and 25% respectively, which supports its premium valuation [1] - The report highlights two short-term concerns for the market: the impact of memory price/supply fluctuations on Arm's patent fees in the mobile segment, and the investment scale required for Arm's entry into the physical chip market [1] Group 2 - Regarding the memory risk, Arm assesses that the impact on patent fees for the fiscal year 2027 will be a low single-digit percentage, which can be offset by its data center business [1] - Based on the growth of the overall potential market for cloud AI (TAM) and the proliferation of CSS technology, the revenue forecasts for Arm for the fiscal years 2026 and 2027 have been raised by 1%, expecting strong growth of 23% and 21% respectively [1] - The target price for Arm has been adjusted from $200 to $190, maintaining a "buy" rating [1]