Arm downgraded to Underperform from Market Perform at Bernstein

Bernstein downgraded Arm (ARM) to Underperform from Market Perform with an unchanged price target of $100. While the story has remained relatively unchanged in an overall “gloomy” semiconductor environment, Arm’s share price has rallied nearly 40% since Bernstein’s upgrade less than a quarter ago, the analyst tells investors in a research note. The firm believes Arm’s long term equity story “remains very appealing,” but questions at what price? Despite using a “generous and merited” valuation, it struggle to find upside from current share levels.