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大行評級|花旗:上調Arm目標價至170美元 重申“買入”評級 將受惠於AI需求上升
格隆匯 08-02 11:15
花旗發表研究報吿指,Arm首財季知識產權授權費收入再次大幅高過預期,主要是受到客户對高效能核心的需求所帶動,以確保他們未來的人工智能產品組合。短期內版税使用費疲弱是一個不利因素,意味着公司並未改變其2025財年的指引,而且2025財年次財季的指引略低於市場預期中間值。該行指,如2024財年末季的盈利,建議投資者看清週期性的影響。考慮到Arm業務的長期性,授權費的上升應可支持未來數年更強勁的版税收入,從淨現值的角度來看,這足以抵銷任何近期的週期性疲弱。花旗料,Arm在2026至2027財年會受惠於對人工智能的需求上升,授權費收入可達20億美元,料2026至2027財年的每股盈利為2.17美元及2.73美元,並料2024至2027財年間每股盈利增長可達30%。該行將Arm目標價由原先150美元上調至170美元,並重申“買入”評級。
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