JULIAN YATES INVESTEC
We continue to see Arm as a standout tech holding, and see licence growth in recent years catalysing royalty upgrades from next year. Despite the negative stockmarket trends, we see material long term value in Arm. Buy.
GARETH EVANS CANACCORD GENUITY
Investors struggle to balance the extraordinary long-term potential against a difficult near term outlook. The performance of the Arm powered version of Microsoft’s tablet could be an important signal of Arm vs lntel. Hold.
JANARDAN MENIN LIBERUM CAPITAL
While results are positive, trends in the industry including signs of smartphone weakness, Intel’s traction in Arm’s markets, and potential weakness in sales of Windows on Arm devices later in the year are headwinds. Sell.