Arm price target lowered to $145 from $156 at Evercore ISI

Evercore ISI lowered the firm’s price target on Arm to $145 from $156 and keeps an Outperform rating on the shares. With the stock up 41% year-to-date, the setup into the March quarter print was challenging, the analyst tells investors in a research note. The firm says that despite a beat and raise quarter, the shares traded down by 9%. Evercore continues to like Arm over the next 12 months, but in the near-term, it believes the stock consolidates as momentum investors look to the second derivative of revenue growth “as a signal to lock in profits.”