Arm price target lowered to $75 from $95 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on Arm (ARM) to $75 from $95 and keeps an Overweight rating on the shares. The firm’s quarterly supply chain findings were mixed. Broad-based end-demand trends remain weak, as auto and industrial end markets undergo inventory destocking; PCs are bouncing along the bottom, while Android smartphone demand is sustaining with Apple’s (AAPL) iPhone seeing weakness in China. Finally, traditional server is weak, while AI remains strong despite crosscurrents. KeyBanc sees positive implications for Arm given indications that Android smartphone sell-through has sustained and remained positive alongside inventory restocking activity.