Friday's Analyst Movers: ARM, CMG, CVX & OXY Gain on Upgrades

ARM Holdings - HSBC upgraded ARM to a buy from reduced, nearly doubling its price target to 205, citing underestimation of ARM's shift from smartphones to AI-driven data centers [2][3] - HSBC noted that all major hyperscalers are now using ARM-based server CPUs, which could potentially double royalty revenue per chip, indicating stronger monetization as AI infrastructure spending increases [3] - ARM is transitioning from a mobile-centric narrative to becoming a core player in the AI buildout, which is reflected in its market performance, outperforming the S&P 500 year-to-date [4] Chipotle - Mizuo upgraded Chipotle to outperform with a price target of 40, despite the fast-casual landscape being challenging [5][6] - Sales trends are reportedly improving, with margins coming back into focus, and first-quarter same-store sales expected to be flat, which is better than previous estimates [6] - Marketing, value offerings, and menu innovation are identified as key drivers for Chipotle's potential sales acceleration throughout the year [7][9] Chevron - HSBC upgraded Chevron to a buy, raising its price target to 215, citing a favorable setup as oil prices surge [12] - Chevron is seen as having a key advantage over ExxonMobil due to lower exposure to the Middle East, which is significant amid rising geopolitical risks [13][14] - The stock is expected to benefit more from elevated oil prices compared to Exxon, with shares of Chevron moving higher by nearly 1% following the upgrade [15]