-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：鉴于ARM的增长前景，我们将目标股价从180美元上调至250美元，基于约90倍的上调市盈率，我们此前对ARM 2027财年每股收益（EPS）的预期为2.79美元，高于同行水平。在公布了基本符合预期的3月季度业绩和6月季度业绩指引后，我们维持对ARM 2027财年（截至3月）每股收益2.18美元的预期，并维持对ARM 2028财年每股收益3.06美元的预期。我们认为，ARM在3月下旬推出Arm AGI CPU，标志着其从一家纯粹的IP公司向芯片供应商的战略扩张，这有望显著提升其市场机遇。这款面向智能体人工智能（Agentic AI）市场的新产品一经发布便引起了市场的爆炸性关注，自发布以来，客户需求已翻番，预计2027财年和2028财年将超过20亿美元。供应限制可能会在早期阶段制约Arm AGI的销售增长，但我们认为，在未来几年（2028年至2030年）的预测中，这项计划将带来爆炸性的增长潜力。尽管到十年末，Arm AGI的营收目标为250亿美元，每股收益目标为9美元，但我们认为，目前的估值（以2030年为基准，市盈率为28倍）已经充分反映了其大部分增长潜力。
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