Jim Cramer Says He Was 'Huge Backer' Of This Chip Stock But Admits To Being 'Stunned' By Whopping Surge On Q3 Results
Portfolio Pulse from Shanthi Rexaline
Arm Holdings plc (NASDAQ:ARM) shares surged over 25% in premarket trading following its Q3 results that surpassed expectations. Jim Cramer, a long-time supporter of ARM, expressed his astonishment at the stock's significant rise. The company's revenue growth was driven by record royalty revenue and better-than-expected license and other revenues, with a notable recovery in the smartphone market and increased penetration of Armv9. Following these results, KeyBanc Capital Markets analyst John Vinh raised ARM's price target from $75 to $120.
February 08, 2024 | 12:48 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Arm Holdings plc's stock surged over 25% in premarket trading due to Q3 results exceeding expectations, with Jim Cramer and analyst John Vinh highlighting the company's strong performance.
The significant premarket surge in ARM's stock price is directly attributed to its Q3 earnings exceeding expectations, highlighted by record royalty revenue and strong AI design traction. Jim Cramer's astonishment and KeyBanc's raised price target further validate the positive outlook, suggesting a bullish short-term impact.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100