-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：鑑於ARM的成長前景，我們將目標股價從180美元上調至250美元，基於約90倍的上調本益比，我們先前對ARM 2027財年每股盈餘（EPS）的預期為2.79美元，高於同業水準。在公佈了基本符合預期的3月季度業績和6月季度業績指引後，我們維持對ARM 2027財年（截至3月）每股收益2.18美元的預期，並維持對ARM 2028財年每股收益3.06美元的預期。我們認為，ARM在3月下旬推出Arm AGI CPU，標誌著其從純粹的IP公司向晶片供應商的策略擴張，這有望大幅提升其市場機會。這款面向智慧體人工智慧（Agentic AI）市場的新產品一發布便引起了市場的爆炸性關注，自發布以來，客戶需求已翻番，預計2027財年和2028財年將超過20億美元。供應限制可能在早期階段限制Arm AGI的銷售成長，但我們認為，在未來幾年（2028年至2030年）的預測中，這項計畫將帶來爆炸性的成長潛力。儘管到十年末，Arm AGI的營收目標為250億美元，每股盈餘目標為9美元，但我們認為，目前的估值（以2030年為基準，本益比為28倍）已經充分反映了其大部分成長潛力。
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