Arm's share price continued to rise on the New York Stock Exchange on Thursday, thanks to a note from Mizuho in which the broker raised its price target for the chipmaker.

In its study, Mizuho believes that Arm's share price still has significant room for improvement, despite a near-tripling in value since its IPO last September.

The broker explains that, in view of the promises emerging in the mobility and personalized AI processor markets, strategic investors will continue to seek out Arm and its roadmap, which is deemed 'attractive' over the long term.

In this context, the broker raises its price target on the stock from $100 to $160, which still represents a potential upside of around 20%.

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